Deniz 
CEO Cory Klippsten disclosed on X Swan Bitcoin, the California-based bitcoin-only investing platform, that it is reversing plans to go public and scaling back mining operations unveiled earlier this year.
“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,” Klippsten stated.
The business has also cut back on its ambitious expansion plan and laid off numerous staff members “across many functions.” Klippsten promised to try to help downsizing workers find new employment. How many Swan staff members lost their employment is yet unknown.
Swan provides bitcoin asset management and financial advisory services; one solution lets users acquire but not sell their coins, therefore rendering them actual “hodlers.” Beginning operations in 2023, its mining company just emerged from silence in January following at least $100 million raised from institutional investors. Plans included expanding mining farms abroad and increasing the company’s overall hash power to 8 exahash.
After raising and distributing $205 million among its equity, credit, and hedge funds in an attempt to expand the company, Klippsten had said he intended to take it public by the end of the year. For many miners who followed the Bitcoin halving, which cut revenues and investor interest, Swan’s mining company’s closing comes at a trying time. Many companies have turned their focus to providing computing capability for cloud providers and artificial intelligence companies.
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