Swan Bitcoin CEO: The reason for canceling the IPO is the disagreement with major capital partners, which led to a decline in mining revenue expectat

Cory Klippsten, CEO of Bitcoin financial services company Swan Bitcoin, recently explained the reason for the company's cancellation of its IPO plan. Klippsten stated that the IPO plan relied on the revenue from the mining joint venture managed by the company, but a disagreement with a major capital partner led to the recent disappearance of the IPO path, and it is no longer expected to obtain significant short-term cash flow from mining. Nevertheless, Swan's four main products have performed well, with financial services revenue increasing by 132% year-on-year in the first half of 2024. Due to the loss of reasons and funds for large-scale expenditures, the company had to reduce marketing and staff numbers. Previous news stated that Swan had announced large-scale layoffs, canceled meetings, and suspended its IPO plan.