Swan Bitcoin Abandons IPO Plans, Closes Mining Unit
Bitcoin investment company Swan Bitcoin has abandoned plans to go public soon and intends to shut down its managed mining operations.
In an X post on Monday, CEO Cory Klippsten said the company is scaling back its increased spending plan for its core financial services business. This rollback includes staff reductions across various departments, although he did not detail the exact number of job cuts.
“The Swans we’ve had to let go in our staff reduction this week are some of the best Bitcoiners on Earth, and I would gladly work with each and every one of them in the future,” he said.
ANNOUNCEMENT – @Swan is unlikely to continue with our Managed Mining business in the near term. Without the expectation of significant near-term revenue from our Managed Mining unit, we are pulling our plans to IPO in the near future.
Accordingly, Swan is pulling back from our…
— Cory Klippsten
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