Swan Bitcoin has officially pulled out of its plans to go public. This decision follows the decision to disband its managed mining division and cut down on personnel within several departments.
Bitcoin Mining Market Changes
The Swan Bitcoin CEO, Cory Klippsten, made these and other drastic changes public on his social media platform. “Without the expectation of significant near-term revenue from our Managed Mining unit, we are pulling our plans to IPO shortly,” Klippsten explained. This change is indicative of a fundamental rethink of the company’s strategy. Swan will remain committed to core financial services and free Bitcoin education, although in a less ambitious way.
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 Klippst
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