Swan Bitcoin CEO explains the reasons for pausing the IPO and layoffs: disagreements with a key capital partner

ChainCatcher news, according to Protos, Swan Bitcoin CEO Cory Klippsten explained the reasons for pausing the IPO and large-scale layoffs.

Cory Klippsten stated: "The IPO plan was put on hold due to disagreements with a major financing partner for the custody mining business, leading to an inability to achieve the expected cash flow in the short term. Swan increased marketing expenses and hired more employees in anticipation of submitting IPO documents for SEC approval, but as the reasons for the large expenditures and funding disappeared, we had to cut back on marketing and personnel."

Previous news, the Bitcoin financial services company Swan Bitcoin has abandoned its plans for a public listing, closed its managed mining department, and laid off employees in multiple departments.