Golden Finance reported that Cory Klippsten, CEO of Swan, a California-based Bitcoin-dedicated investment platform, announced at X that the company is withdrawing its mining operations, downsizing, and canceling its listing plans. Swan's managed mining division was established in July 2023 and was originally planned to be listed at the end of this year. Klippsten said: "Swan is unlikely to continue our managed mining business in the near future. Since we cannot obtain significant short-term revenue from the managed mining department, we will cancel our IPO plans in the near future." In addition, the company has laid off several people "in multiple departments" and scaled back its growth strategy. Klippsten said he would try to provide new jobs for these laid-off employees, and it is not clear how many Swan employees have lost their jobs.