Swan, a bitcoin-focused financial services company, announced Thursday that it has been building out a bitcoin mining arm since the summer of 2023. Swan also said it is eyeing a Series C, and is hoping to become publicly traded within the next year. 

Swan Mining will run under Swan Institutional, a recently-announced division that also plans to offer bitcoin-backed lending, advisor services, asset management, private equity and a bitcoin trust company. 

The announcement comes at a turbulent moment for bitcoin mining companies. Mining stocks broadly surged in anticipation of spot bitcoin ETF approval but have fallen since. Valkyrie’s Bitcoin Miners ETF is down nearly 33% in 2024….

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