Tether has made a significant investment in the mining services provided by Bitcoin-focused investment company Swan for institutional investors. Tether had previously been involved in this service, which Swan launched in August 2023 for institutional investors only, but the parties have reached a new agreement on expanding this investment. The partnership was announced in an official announcement by both parties.
At least $100 million investment required
In a statement made by Swan, it was stated that companies wishing to be included in this service, which is only provided to institutional investors, must make a commitment of at least $100 million .
“We come into play in the details that large companies do not want to deal with”
Swan CEO Cory Klippsten, who was previously a guest of Uzmancoin’s publications many times, made the following statements about this service offered by the company to institutional investors:
“Large capital allocators don’t necessarily want to pool their capital with pre-existing mining operations, nor are they able or interested in acquiring all the skills, talent, experience, and time to learn how to stand up their own mining operation. This is where Swan Managed Mining comes in. We can take a large amount of capital and deploy it quickly and efficiently into a mining operation owned by the investor that meets their particular strategic requirements.”
Since August 2023, Swan has managed to raise $330 million in capital in a short period of time. The size of the company’s mining operations has reached up to 7.5 exahash per second. Swan also announced that this service to corporate companies will be available until 2026.
A crucial partnership between Swan and Tether
Tether, which is known as the world’s largest digital asset company and has investments in the Bitcoin mining sector, has also entered into a new partnership with Swan in this sense. According to the official agreement; Tether will further expand its activities in this area through Swan.
Speaking on the subject, Tether CEO Paolo Ardoino said that Tether has already been involved in these activities through Swan and that they will further expand their operations:
“The collaboration with Swan in the mining sector has exceeded our expectations. Swan’s team has demonstrated an unwavering commitment to transparency and operational excellence, achieving rapid deployment of hashrate. We are thrilled about the future of this collaboration and the significant strides we are making together in advancing the mining industry.”
The figure of Tether’s new deal with Swan is unknown. No details were given on the subject.
Tether buys Bitcoin with 15% of its profits each quarter. The company holds more than 75,000 Bitcoins worth approximately $5.2 billion.