Swan Bitcoin Postpones its IPO

Cory Klippsten, the current CEO of Swan Bitcoin, recently revealed that the company will no longer be pursuing an initial public offering in the near future due to the shutdown of its mining operations.

In a post on July 22, Klippsten explained that the firm will also be making staff reductions and will not be able to continue its Managed Mining business in the near term.

This decision means that the company will have to halt its planned IPO, as it will no longer have the revenue from its mining arm to support the move. Klippsten stated:

“Swan is scaling back on our accelerated spending plan for our main financial services business. Regrettably, this also means staff cuts across various departments.”

Earlier this year, Swan Bitcoin had announced its plans to launch a mining venture in 2023 and intended to become a publicly traded company in the US within the next 12 months.