Swan Bitcoin Suspends Bitcoin Mining Activities

Swan Bitcoin, a financial services company specializing in the Bitcoin sector, has announced that it is suspending its mining operations and postponing plans for an initial public offering (IPO).

On July 22, the company’s CEO Corey Klipsten said:

Swan is unlikely to continue with our [Bitcoin] Managed Mining business in the near future. With no significant revenue expected in the near future from our Managed Mining unit, we are withdrawing our plans for an IPO in the near future.

Klipsten also mentioned that the company is cutting its accelerated spending plan for its core financial services business. Unfortunately, this includes staff cuts in many functions.

Swan’s decision is surprising given that in May the company launched a customized Bitcoin mining service (Managed Mining) that has attracted interest from large institutional companies like stablecoin issuer Tether.

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