Swan Bitcoin Shelves IPO Plans, Unveils Major Downsizing
Highlights
- Swan is planning to abandon its IPO plans in the United States
- The firm will downsize its spending and workforce
- More crypto firms are planning to go public, none this year yet
Swan Bitcoin has revealed its plans to halt its move to go public via Initial Public Offering (IPO). The announcement came from Cory Klippsten, the company’s CEO who also announced key restructuring moves for the firm.
Swan To Cut Mining and Workforce
Swan Bitcoin will also cut down its managed mining business in the near term. The firm highlighted that the slash on the managed mining venture and the low revenue marked the reasons behind its plans to halt the IPO. Given this, the firm will pull back from its accelerated spending plan, a move that might impact some staff members. This is because the firm plans to undergo a headcount reduction
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…
— Cory Klippsten 🦢 #Bitcoin is for everyone (@coryklippsten) July 22, 2024
Many crypto firms are looking to trail Coinbase’s footsteps in going public. Beyond Swan, Kraken, Ripple Labs and Circle are among the firms with active IPO plans in the US. Their desire to go public stems from the increasing demand for shares of private crypto companies.
Crypto Firms Aims For IPO
The Circle IPO plan compelled the company to fill up several positions on its team. In the fist half of 2024, the USDC stablecoin issuer claimed to have increased its employee headcount by 15%. It was during this period that Circle brought in Chief Accounting Officer Tamara Schulz and Business Development Director for Exchanges Pierre Carras.
At the beginning of July, Genesis Digital Asset also hinted at plans to go public in the U.S. According to a few sources who asked to remain anonymous, the company is currently engaging advisers concerning the potential listing. Also, Genesis has started making plans for a pre-IPO funding round, with plans to launch in the coming weeks.
The same anonymous people confirmed that deliberations are still ongoing and this could impact on the fundraising plans.
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