Yacht Club at a breaking point and needs Mina the Hollower to be a hit, 3D Shovel Knight has been in the works

Bloomberg published a new report today delving into issues Yacht Club Games has faced in recent years, and also claims that the studio had been working on a 3D Shovel Knight which it still hopes to release at some point.

There’s a lot covered in the article, but Bloomberg says the company “is facing an existential struggle.” It notes that Yacht Club “has churned through most of its capital, forcing it to downsize and put a planned second project on hold so everyone can focus on Mina the Hollower.” Employees are burnt out and the game’s delay is further impacting finances.

According to Yacht Club co-founder Sean Velasco, Mina the Hollower is “make-or-break for sure.” He said: “If we sold 500,000 copies, then we would be golden. If we sold even 200,000, that would be really, really great. If we sold, like, 100,000, that’s not so good.”

Bloomberg further covers Yacht Club’s history over the past few years. Back in 2020, the company split into two teams and brought in more employees. The first game, which was a 3D version of Shovel Knight, was led by Velasco and the other founders. The second team would make Mina the Hollower, which was expected to take less time to develop. Covid seemed to disrupt things – especially with hiring new staff – and development on Mina the Hollower was going very slowly.

After realizing that the two-team structure wasn’t working, Yacht Club laid off some employees in 2024 to cut expenses. Development of the new Shovel Knight game was paused at the time as well. Velasco stepped in to take over the director role, and according to Yacht Club co-founder David D’Angelo, the team “basically had to redo everything”.

What does the future hold for Yacht Club? For one thing, the studio is getting rid of its office. It also sounds like the company will be focusing on one project at a time again for now. If Mina the Hollower doesn’t do well, Velasco said Yacht Club will “still be around” but added: “We would need more money.”

Mina the Hollower will be on Nintendo Switch 2 and Switch in 2026. Read more about the delay here.