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.