Cory Klippsten, CEO of California-based Swan, a Bitcoin-specific investment platform, has announced that the company is shutting down its mining operations and canceling plans to go public. Swan, which provides bitcoin asset management and financial advisory services, has also laid off an unspecified number of employees across “multiple functions”. The company's mining arm, which began operations in July 2023, raised at least $100 million from institutional investors in January and plans to set up mines overseas. The company had planned to go public by the end of this year.Klippsten said, “It is unlikely that Swan will continue our hosted mining operations in the near future. As we are unable to generate significant short-term revenues from our hosted mining division, we are canceling our plans for an IPO in the near future,” Klippsten said.

The decision to shut down mining operations and cancel IPO plans reflects the challenges faced by Swan in generating short-term revenues. This move may impact the company's future strategies and development in the Bitcoin investment space.