Swan Bitcoin has canceled plans to go public, shut down its managed mining division and cut staff.

Swan CEO Corey Klippsten said the company will continue to provide financial services and free Bitcoin education. “Without expecting significant revenue from our managed mining division, we are canceling plans for an IPO in the near future,” Klippsten wrote on social media X.

Klippsten added that the company is cutting costs in core financial services, which includes staff reductions in many divisions.

The moves come as mining competition intensifies following the recent Bitcoin halving and the emergence of exchange-traded funds (ETFs), making it more difficult for miners to raise capital.

Despite the difficulties, some private miners are still planning to go public after Bitcoin's record rise this year.