The CEO said that, without revenue from the mining arm, the company expected to halt its plans for a public offering and announced staff cuts.
Cory Klippsten, the CEO of financial services firm Swan Bitcoin, announced the company would be scrapping its plans for an initial public offering “in the near future” following a shutdown of its mining operations.
In a July 22 X post, Klippsten announced a staff reduction and said the firm was “unlikely to continue with [its] Managed Mining business in the near term.” The CEO said that, without revenue from the mining arm, the company expected to halt its plans for an IPO.
“Swan is pulling back from our accelerated spending plan for our core financial services business,” said Klippsten. “Unfortunately, this includes staff cuts across many functions.”
