Swan Bitcoin CEO Cory Klippsten announced that the company will cancel its IPO plans in the near future following the suspension of mining operations. In a statement on the X platform on July 22, Klippsten stated that there will be staff reductions and that it is unlikely that the company will continue its Managed Mining business in the near term. Without revenue from the mining arm, IPO plans are expected to be stalled.

In January, Swan announced that he had launched his Bitcoin mining venture and had generated $125 million in revenue since 2023. However, the drop in mining rewards after the Bitcoin halving negatively affected the earnings of major mining companies.

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