Bitcoin
Cory Klippsten’s Swan Bitcoin Drops IPO Plan, Cuts Staff, Will Shut Down Managed Mining Facility
Bitcoin financial services firm Swan Bitcoin has scrapped its plan to go public, discontinued its managed mining unit and cut staff across multiple units.
Swan CEO Cory Klippsten said in a social media post that the company will still offer bitcoin (BTC) financial services and free bitcoin education. “With no expectation of significant near-term revenue from our Managed Mining unit, we are withdrawing our IPO plans in the near future,” Klippsten wrote in the X post.
“Consequently, Swan is stepping back from our accelerated spending plan for our core financial services business. Unfortunately, this includes headcount cuts across many functions,” he added.
The move comes at a time when the mining landscape has become more competitive following the recent Bitcoin Halvingwhich cut block rewards in half. The availability of spot bitcoin exchange-traded funds (ETFs) has also driven many investors away from the mining industry, closing some avenues of capital for miners. As a result, many miners are struggling to maintain their profitable businesses as pure mining operations and pivoting part of their infrastructure to serve artificial intelligence and cloud computing services.
Despite Bitcoin’s halving making the mining ecosystem more difficult and less profitable to navigate, several private miners are still racing to go public following Bitcoin’s record-breaking surge earlier this year. Genesis Digital Assetspreviously backed by FTX’s Sam Bankman-Fried, and two of Northern Data Units were among other companies reportedly planning IPOs.
Earlier this year, Swan said it will go public in the next 12 months and the mining unit had 160 megawatts (MW), or 4.5 exahash per second (EH/s), of computing power installed and running.
At the time, the company also said that the mining business has been funded by institutional investors with more than $100 million and it hopes to raise more capital to expand its operations. Tether was among supporters of Swan’s managed mining service, with an undisclosed amount of investment in its business.
UPDATE (July 22, 18:29 UTC): Adds additional context in the last paragraph about the $100 million funding and Swan’s investors.
Bitcoin has lost out on an asset rally fueled by positive comments from the Federal Reserve, while a tight US election race casts doubt on whether Donald Trump will get the chance to implement his pro-crypto agenda.
The digital asset fell 2.4% on Wednesday, following a Fed-fueled surge in an index of megacap tech stocks Magnificent Seven by one of the largest margins in 2024. The token retreated further on Thursday, changing hands at $63,750 as of 6:10 a.m. in London.
Bitcoin
‘This is huge’ — Billionaire Mark Cuban issues ‘incredible’ Bitcoin and crypto prediction amid price slump
Bitcoin
Bitcoin
came back with a vengeance this year when former President Donald Trump Cryptocurrency boosts US presidential election in November with ‘revolutionary’ plan.
The price of bitcoin has surged to more than its all-time high in recent months, surpassing $70,000 per bitcoin and triggering a wave of mega-optimistic predictions about the price of bitcointhough it fell again this week, falling below $65,000 after the Federal Reserve kept interest rates steady.
Now, as Elon Musk suddenly breaks his silence on bitcoin and cryptocurrenciesBillionaire investor Mark Cuban called a California plan to digitize 42 million car titles using blockchain an “incredible step forward” and “huge” for cryptocurrencies.
Sign up for free CryptoCodex now—A daily five-minute newsletter for traders, investors, and crypto curious people that will keep you up to date and ahead of the bitcoin and crypto bull market
Mark Cuban, famous Shark Tank investor and billionaire owner of the NBA team Dallas Mavericks, has… [+] called a cryptocurrency update “amazing” amid bitcoin’s price slump.
Getty Images
The California Department of Motor Vehicles (DMV) has digitized 42 million car titles using blockchain, it was reported by Reuters, through technology company Oxhead Alpha on the Avalanche blockchain and designed to detect fraud and facilitate the securities transfer process.
“This is an incredible development for crypto,” Cuban, best known as an investor on TV’s Shark Tank and owner of the Dallas Mavericks NBA team, posted on X, joking that U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler could sue the state as part of his hostility toward cryptocurrencies and blockchain technology.
“The reason this is huge for crypto is because people who hold the tokens will have an app with an Avalanche wallet,” Cuban said. “Tens of millions of Californians having and using a crypto wallet in the next five years, or however long it takes, normalizes the use of wallets and crypto.”
John Wu, president of Avalanche developer Ava Labs, told Reuters that California’s DMV is “creating a wallet that you can download on your phone.”
Sign up for CryptoCodex now—A free daily newsletter for the crypto-curious
Bitcoin’s price has rallied this year, triggering a wave of bullish bitcoin price predictions from… [+] people like billionaire Mark Cuban.
Forbes Digital Assets
Last month, Cuban predicted that if the US dollar falls as the global reserve currency, bitcoin could become “a global ‘safe haven’” and a “global currency.” potentially sending the price of bitcoin to a much higher level.
According to Cuban, bitcoin could become what its most ardent supporters “envision” — a means “of protecting our economies… This is already happening in countries facing hyperinflation.”
The price of bitcoin has skyrocketed over the past year, largely due to the world’s largest asset manager, BlackRock, leading a bitcoin attack on Wall Street.
Bitcoin
Bitcoin (BTC) miner Riot Platforms (RIOT)’s second-quarter loss widens to $84.4 million as costs rise
Please note that our Privacy Policy, terms of use, cookiesIt is do not sell my personal information Has been updated.
CoinDesk is a awarded media outlet that covers the cryptocurrency industry. Its journalists follow a strict set of editorial policies. In November 2023, CoinDesk has been acquired by the Bullish group, owner of Optimistica regulated digital asset exchange. The Bullish Group is majority owned by Block.one; both companies have interests CoinDesk has a portfolio of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial board to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.
At a national bitcoin conference in Nashville, Donald Trump finally laid out some of his crypto policy proposals, including a long-awaited part of his plan — building a strategic bitcoin reserve. CNN’s Jon Sarlin explains what it is and why the crypto industry wants it.
Inside the Banana Zone: The Cryptocurrency Trend Everyone’s Talking About – Raoul Pal
DIGITAL BLOCK! You Live in a Virtual Prison Without Knowing It: The 2025 WARNING by Whitney Webb
“Many Bitcoin Investors Will Be Multimillionaires Before 2030” – Michael Saylor
Raoul Pal – “This is a huge achievement! This is where I see Bitcoin and cryptocurrencies by 2030”
“You have no idea what they have planned for 2025! IT’S BEYOND SHOCKING” Whitney Webb’s 2025 WARNING
Bitcoin soars above $63,000 as money flows into new US investment products
Ethena downplays danger of letting traders use USDe to back risky bets – DL News
FRA Strengthens Cryptocurrency Practice with New Director Thomas Hyun
Zodialtd.com to revolutionize derivatives trading with WEB3 technology
Bitcoin Fails to Recover from Dovish FOMC Meeting: Why?
Inside the Banana Zone: The Cryptocurrency Trend Everyone’s Talking About – Raoul Pal
DIGITAL BLOCK! You Live in a Virtual Prison Without Knowing It: The 2025 WARNING by Whitney Webb
“Many Bitcoin Investors Will Be Multimillionaires Before 2030” – Michael Saylor
Raoul Pal – “This is a huge achievement! This is where I see Bitcoin and cryptocurrencies by 2030”
“You have no idea what they have planned for 2025! IT’S BEYOND SHOCKING” Whitney Webb’s 2025 WARNING
-
News6 months agoBitcoin soars above $63,000 as money flows into new US investment products
-
DeFi6 months agoEthena downplays danger of letting traders use USDe to back risky bets – DL News
-
News6 months agoFRA Strengthens Cryptocurrency Practice with New Director Thomas Hyun
-
DeFi6 months agoZodialtd.com to revolutionize derivatives trading with WEB3 technology
-
Markets6 months agoBitcoin Fails to Recover from Dovish FOMC Meeting: Why?
-
DeFi8 months ago👀 Lido prepares its response to the recovery boom
-
DeFi7 months agoPancakeSwap integrates Zyfi for transparent, gas-free DeFi
-
Videos8 months agoBlackRock and Wall Street ready to take Bitcoin directly to $200,000 – Anthony Scaramucci
-
Videos8 months agoThis is the exact and unique time to sell your crypto asset – Raoul Pal
-
DeFi8 months ago
🏴☠️ Pump.Fun operated by Insider Exploit
-
Videos8 months ago“BlackRock HAS UNLEASHED a massive multi-trillion monster” – Lyn Alden and Eric Balchunas
-
Videos8 months agoONLY 2 WEEKS LEFT! Cryptocurrency Prices Are About to Go Crazy – Raoul Pal