Swan dropped its IPO plan, cut staff and closed its managed mining unit

Swan abandoned plans to list, cut staff and shut down its managed mining business. It continues to run the Bitcoin savings products it started with, including automated recurring buys, custody and education for long-term holders.

We invested in Swan because a durable audience wants a simple, disciplined way to accumulate Bitcoin over years rather than trade it, and no one owned that long-term saver clearly. Dropping the listing and closing managed mining pulls the company back to that customer, which is the part of the business we backed.

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