Bitcoin

Cory Klippsten, the CEO of financial services firm Swan Bitcoin, announced the company would be scrapping its plans for an initial public offering “in the near future” following a shutdown of its mining operations.
In a July 22 X post, Klippsten <a href="https://x.com/coryklippsten/status/1815429462210539706" target="_blank" rel="noopener noreferrer nofollow">announced</a> a staff reduction and said the firm was “unlikely to continue with [its] Managed Mining business in the near term.” The CEO said that, without revenue from the mining arm, the company expected to halt its plans for an IPO.
“Swan is pulling back from our accelerated spending plan for our core financial services business,” said Klippsten. “Unfortunately, this includes staff cuts across many functions.”
<figure><img src="https://s3.cointelegraph.com/uploads/2024-07/2624c7f1-5bff-4b88-ac51-b6ac0fd0a415.png" alt="Swan Bitcoin delays IPO plan, announces shutdown of mining unit">
 <figcaption style="text-align: center;">Source: <a href="https://x.com/coryklippsten/status/1815429462210539706" target="_blank" rel="noopener noreferrer nofollow">Cory Klippsten</a>
 </figcaption>
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In January, Swan Bitcoin announced it had <a href="https://cointelegraph.com/news/swan-bitcoin-unveils-mining-arm-eyes-public-listing" rel="noopener noreferrer nofollow">launched a mining venture</a> in 2023 and was working to become a publicly traded company in the US within 12 months. The firm said at the time that it had reported $125 million in revenue since 2023 and doubled the number of its staff.
Related: <a href="https://cointelegraph.com/news/bitcoin-mining-earnings-post-halving" rel="noopener noreferrer nofollow">Bitcoin mining revenue hits post-halving yearly low</a>
Klippsten’s announcement came roughly three months after the Bitcoin (<a href="https://cointelegraph.com/bitcoin-price" rel="noopener noreferrer nofollow">BTC</a>) halving <a href="https://cointelegraph.com/news/bitcoin-halving-2024-completion-confirmed" rel="noopener noreferrer nofollow">cut the mining rewards</a> from 6.25 to 3.125 BTC per block. The event has caused <a href="https://cointelegraph.com/news/bitcoin-halving-impact-bitfarms-mining-rewards" rel="noopener noreferrer nofollow">earnings from major mining companies</a> to drop, including Bitfarms — the Canadian firm being targeted by Riot Platforms for a hostile takeover.
Other mining firms have fared better in 2024. German BTC mining firm Northern Data reportedly <a href="https://cointelegraph.com/news/bitcoin-miner-northern-data-seeks-ipo-ai-unit" rel="noopener noreferrer nofollow">plans to seek an IPO</a> in the US starting in the first half of 2025. Genesis Digital Assets is also reportedly considering a public offering in the near future.
Magazine: <a href="https://cointelegraph.com/magazine/financial-crisis-end-crypto-bull-run/" rel="noopener noreferrer nofollow">Could a financial crisis end crypto’s bull run?</a>

Swan Bitcoin delays IPO plan, announces shutdown of mining unit

Cointelegraph

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