Swan Bitcoin cancels listing plans, lays off employees, and terminates mining operations.

Bitcoin financial services company Swan Bitcoin announced the cancellation of its listing plan and the termination of its custody mining business, while conducting layoffs in multiple departments. Swan CEO Cory Klippsten stated on social media that the company will continue to provide Bitcoin financial services and free Bitcoin education. Earlier this year, Swan announced plans to go public within 12 months, with its mining business having 160 trillion watts (4.5 EH/s) of computing power and receiving over 100 million dollars in funding from institutional investors, including Tether. Despite the tightening industry environment, several private mining companies such as Genesis Digital Assets are still planning to go public.