Swan Bitcoin Shelves IPO Plans, Unveils Major Downsizing

Swan Bitcoin has revealed its plans to halt its move to go public via Initial Public Offering (IPO). The announcement came from Cory Klippsten, the company’s CEO who also announced key restructuring moves for the firm.

Swan To Cut Mining and Workforce

Swan Bitcoin will also cut down its managed mining business in the near term. The firm highlighted that the slash on the managed mining venture and the low revenue marked the reasons behind its plans to halt the IPO. Given this, the firm will pull back from its accelerated spending plan, a move that might impact some staff members.

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 #Bitcoin is for everyone (@coryklippsten) July 22, 2024

Many crypto firms are looking to trail Coinbase’s footsteps in going public. Beyond Swan, Ripple Labs and Circle are among the firms with active IPO plans in the US.

This is a developing story, please check back for updates!!!

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