Swan Bitcoin CEO: IPO Plans Aborted Due to Investor Disagreements
CryptoNewsTerminal Staff20 Aug, 2024
Swan Bitcoin CEO: IPO Plans Aborted Due to Investor Disagreements
Swan Bitcoin, a crypto financial services company, has scrapped plans to go public via an initial public offering (IPO) due to disagreements with investors, according to CEO Cory Klippsten. The company had initially aimed to complete the IPO "by the end of the year," but the misalignment with investors led to its cancellation. Despite having already hired for the IPO, Swan Bitcoin was forced to lay off staff due to the lack of capital infusion. Earlier this month, the company announced the withdrawal of its IPO plans, the closure of its managed mining division, and staff cuts across several business units.
