Swan abandons mining and IPO, lays off employees
Swan, a firm focused on offering Bitcoin financial products, is abandoning mining, shelving its planned initial public offering (IPO), and laying off employees, according to a post on X (formerly Twitter) by the firm’s CEO Cory Klippsten. Swan’s managed mining business targeted large institutional investors with the opportunity to partner with it and invest in mining facilities. The initial announcement of this product noted that Tether had “already dedicated substantial capital to establishing a major presence in bitcoin mining, much of it through Swan.” ANNOUNCEMENT – @Swan is unlikely to continue with our Managed Mining business in the near term. Without the expectation of significant near-term revenue from our Managed Mining unit, we are pulling our plans to IPO in the near future. Accordingly, Swan is pulling back from our… — Cory Klippsten #Bitcoin is for everyone (@coryklippsten) July 22, 2024 In a statement to Protos, Tether said, ...