According to CoinDesk, Bitcoin financial services company Swan Bitcoin canceled its IPO plan, stopped its managed mining business, and laid off employees in multiple departments. CEO Cory Klippsten said the company will continue to provide Bitcoin financial services and free education.
Klippsten said on social media that due to low near-term revenue expectations for the managed mining business, the company decided to cancel its recent IPO plans and scale back accelerated spending plans for its core financial services business.
The recent Bitcoin halving has intensified mining competition, and the emergence of spot Bitcoin ETFs has also caused many investors to stay away from the mining industry, making it difficult for miners to maintain profitability.
Despite this, some private miners are still planning to go public, such as Genesis Digital Assets and two units of Northern Data. Swan said earlier that it would go public within 12 months. The mining business has 160 megawatts or 4.5 EH/s of computing power and has received more than $100 million in institutional investment.
