Cory Klippsten, CEO of California-based bitcoin-only investment platform Swan, announced on X that the company is withdrawing its mining operations, downsizing, and canceling plans to go public. Swan's escrow mining division was set up in July 2023 and was originally scheduled to go public by the end of this year. "Swan is unlikely to continue our escrow mining business in the near future," said Mr. Klippsten. "We will cancel our IPO plans in the near future as we are unable to generate significant short-term revenue from the escrow mining division." In addition, the company has cut several jobs "across a number of divisions" and scaled back its growth strategy. Klippsten said he would try to provide new jobs to those laid off employees, and it was unclear how many Swan employees were unemployed.