Bitcoin-focused firm Swan is suspending its crypto mining business, pulling plans to IPO “in the near future.”

Californian Bitcoin-focused investment firm Swan is halting its plans to go public in the near future and has decided to suspend its mining branch just five months after its launch.

In an announcement on X, Swan chief executive Cory Klippsten said the firm is also pulling back from its “accelerated spending plan,” including staff cuts “across many functions.” The Swan CEO explained that the decision was made because the firm doesn’t anticipate “significant near-term revenue” from its mining unit, which was launched in late January and faced Bitcoin’s halving — which reduced mining reward from 6.25 BTC to 3.125 BTC — in April.

“The Swans we’ve had to let go in our staff reduction this week are some of the best Bitcoiners on Earth, and I would gladly work with each and every one of them in the future.”

Cory Klippsten

Founded in 2019 by Yan Pritzker, Brady Swenson, Tom Giles, Dan Levine, and Cory Klippsten, Swan offers investment services specifically focused on Bitcoin. The Calabasas-headquartered firm has raised a total of $204 million so far from over 30 investors, including Unpopular Ventures, Austin Hill, Baron Davis, and CB3 Holdings among others, according to data from PitchBook.

In early 2024, Swan announced in a statement to the media that it was planning to raise another round of funding and aimed to go public by early 2025. However, it remains unclear whether the firm successfully secured the new capital before pausing its IPO plans.