If you currently do business with swan, look at what you pay in fees and spread to buy then look what they paid in fees to give you those sats on chain. Do the math yourself, I bet you find they are losing money on you as a customer.
I find it unlikely that everyone else is somehow paying 10x the fees I am or costing 1/10th in on chain fees. Once I saw that I moved my DCA somewhere else.
pretty much everything vc funded subsidizes what customers would pay. VCs allow for more rapid scale up to buy marketshare for returns that materialize years later
I highly suspect they use the small buyers as a loss leader for getting a big customer base and it's funded by the people buying in the 4 to 6 figures.
I think it is that they need a large % of customers to allow them to custody and never withdraw. Even million sat UTXOs aren't profitable at current fees unless my math is terrible.
