Bitcoin firm Swan pauses IPO plans, suspends mining arm

Bitcoin-focused firm Swan is suspending its crypto mining business and is pulling back on plans for an initial public offering in the “near future.”

California-based Bitcoin-focused investment firm Swan has halted plans to go public in the near future and has decided to suspend its mining branch just five months after its launch.

In an announcement on X, Swan CEO Cory Klippsten said the firm was also pulling back from its “accelerated spending plan,” which included staff cuts across “many functions.” The Swan CEO explained that the decision was made because the firm did not expect “significant near-term revenue” from its mining unit, which launched in late January and faced the Bitcoin halving in April. That halving reduced the mining reward from 6.25 BTC to 3.125 BTC.

“The Swans we had to lay off this week as part of our staff reductions are some of the best Bitcoiners in the world and I would be happy to work with any of them in the future.”

Cory Klipsten

Founded in 2019 by Yan Pritzker, Brady Swenson, Tom Giles, Dan Levine, and Cory Klippsten, Swan offers investment services focused specifically on Bitcoin. The Calabasas-based firm has raised $204 million to date from more than 30 investors, including Unpopular Ventures, Austin Hill, Baron Davis, and CB3 Holdings, according to PithcBook.

Swan announced to the media in early 2024 that it is planning another round of financing and aims to go public in early 2025. However, it remains unclear whether the firm will successfully secure new capital before halting its IPO plans.