2024 is shaping up to be a year for crypto IPOs with Swan Bitcoin being the latest to throw their hat in the ring.
The details: In an announcement last week, Swan’s CEO Cory Klippsten, stated that the company is actively working to raise a Series C and achieve a public listing within the next 12 months.
By the numbers: In December, fresh off a $205 million fundraise for the company’s institutional arm, Swan announced that it was generating $125 million in annualized revenue, a number it expected to grow to $200 million in 2024. On a podcast with Laura Shin from Unchained, Cory also stated that Swan raised $40 million in 2023.
Driving the news: Swan also announced the launch of Swan Mining, which was previously operating in stealth mode and has already mined 750 BTC to date.
Mining since only 2023, Swan announced it is already supplying 4.5 exahash to the Bitcoin network, meaning that around 1 in 100 BTC mined globally is mined by Swan.
The company has plans to bring its total capacity to more than 8 exahash by March. By comparison, leading miner Marathon Digital is at >24 exahash.
What they’re saying: Rapha Zagury, CIO at Swan and head of Swan Mining said: “Swan Mining developed and deployed at warp speed. Our understanding is that this is the fastest-ever initial deployment of hashrate at this scale in Bitcoin history."
Looking back: While growing quickly, with the backing of supporters such as Lyn Alden, Swan isn’t immune to controversy and problems.