When I see stuff like this I dont know if red flags and alarm bells should be going off, or if there is some information I just have or am thinking about it wrong. Here is my left of curve math. $125M annualized revenue... Swan fee rate is roughly 1%, implying gross deposits from customers of about $12.5B to generate that income. Let's be conservative, and say that works out to $1B/month on average. $1B worth of Bitcoin at today's prices (say $43000) is 23,255 Bitcoin. The miner subsidy of 6.25/block works out to 900 Bitcoin/day. 23,255 Bitcoin represents 25.8 days worth of new Bitcoin/month. Swan is an unsung monster, with plebs buying more than Microstrategy.
the $125M annual revenue part is what makes the least amount of sense to me if it only counts exchange revenue. There is no way Swan clients stacked $12.5B. Presumably they have some additional revenue from aiding with tax loss harvesting though.