Swan Bitcoin withdraws the plan for a potential IPO and shuts down the mining unit announced last January: significant staff cuts.
On July 22, through a post on X, Cory Klippsten, CEO of Swan Bitcoin, announced the termination of plans for an IPO and the shutdown of mining operations. Klippsten also announced significant staff reductions, stating:
Last January, Swan Bitcoin announced a new mining initiative with the goal of becoming a publicly traded company in the United States within 12 months. Following the announcement, the company reported $125 million in revenue and had doubled the number of its employees. The company also stated that the mining business had been funded by institutional investors with over $100 million and hoped to raise more capital to expand its operations. Tether was also among the investors in Swan’s managed mining service.
The reactions
The announcement of staff cuts has generated various reactions on X from the Bitcoin community. Several former employees and collaborators of Swan Bitcoin, including notable figures like Stephan Livera, Camila Campton, and Chris Alaimo, have announced the end of their journey with the company.
Stephan Livera commented:
