- CoinSnacks
- Posts
- Swan Abandons IPO Plans
Swan Abandons IPO Plans
According to CEO Cory Klippsten, Swan's Managed Mining business is not generating the revenue it needs and for that reason they will be backing off the IPO.
Dillon Newman
July 24, 2024 • Estimated Reading Time: 2 minutes
It’s time for us to maybe eat some crow swan.
In February of this year, we repeated the idea that Swan Bitcoin might just be the first crypto company to go public in 2024.
As it turns out, not only will they not be the first as Fold today announced they will be going public very soon (albeit through a SPAC), but they also might not even be going public at all…
According to a tweet from CEO Cory Klippsten, the company’s Managed Mining business is not generating the revenue it needs and for that reason they will be backing off the IPO and letting go a large number of employees.
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… x.com/i/web/status/1…
— Cory Klippsten 🦢 #Bitcoin is for everyone (@coryklippsten)
4:51 PM • Jul 22, 2024
This is quick turnaround from the announcement of the Managed Mining unit only two months ago.
What really happened here? It’s hard to say.
And while we wish Swan and the team the best, it’s hard to feel very sorry for someone who has spent much of their time talking down on their competition.