Bitcoin firm Swan pauses IPO plans, suspends mining arm
Summary
Swan is pausing its plans to go public and suspending its Bitcoin mining business. The company is also slowing spending and cutting staff across multiple functions. Leadership said the mining unit is not expected to generate meaningful near-term revenue, especially after the Bitcoin halving reduced mining rewards. Swan was founded in 2019 and offers Bitcoin-focused investment services. The company has raised $204 million so far and had previously planned another funding round and an IPO timeline.
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