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We do the research, you get the alpha! Get exclusive reports and access to key insights on airdrops, NFTs, and more! Subscribe now to Alpha Reports and up your game! Go to Alpha Reports Bitcoin financial services firm Swan revealed on Monday that it will likely shutter its managed mining operations, and as a result, it has abandoned plans to pursue an IPO and implemented a wave of layoffs “across many functions.” “Without the expectation of significant near-term revenue from our managed mining unit, we are pulling our plans to IPO in the near future,” the company’s CEO, Cory Klippsten, said on Monday. “Accordingly, Swan is pulling back from our accelerated spending plan for our core financial services business.” Neither Klippsten nor a company spokesperson, who declined comment when reached by Decrypt, elaborated on what developments within the company or beyond were responsible for Swan’s pullback. 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 Generally speaking, Bitcoin has enjoyed a bullish upswing this year boosted by the listing of spot Bitcoin ETFs on Wall Street, the latest Bitcoin halving in April, and strong conviction that the world’s top cryptocurrency is poised to soon climb to never-before-seen highs.  Curiously, Klippsten himself referred on Monday to Bitcoin’s strong standing, without explaining the disconnect between those macro conditions and Swan’s internal struggles.   “This is an incredible moment in time for Bitcoin, with real institutional adoption, an increasingly favorable regulatory and political environment, and the ranks of Bitcoiners swelling in number,” Klippsten said. “At…

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Filed under: News - @ July 24, 2024 4:18 am