Swan Cancels Public Listing Plans, Rolls Back Managed Mining Business, Cuts Staff
The development comes at a time when the mining landscape has grown more competitive following the recent Bitcoin halving.
UPDATE: Cory Klippsten clarified that the update concerns only Swan's Managed Mining business. Swan's mining unit continues to operate profitably and without any disruptions.
- "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," announced CEO Cory Klippsten on X.
"Accordingly, Swan is pulling back from our accelerated spending plan for our core financial services business. Unfortunately, this includes staff cuts across many functions," he added.
- Earlier this year, the company said it will go public within the next 12 months and the mining unit had 160 megawatts (MW), or 4.5 exahash per second (EH/s), worth of computing power up and running.
Announcement
CoinDesk Article / Archive
The Block Article / Archive
