Swan Bitcoin announced the suspension of its IPO and a major restructuring of the company, which was due to the low revenue of its managed mining business and the upcoming salary cuts, which forced the company to cut its spending plans. CEO Cory Klippsten said that as the company's expectations for future revenue were not optimistic, it became necessary to reduce the scale of the managed mining business.

Highlights

- Swan Bitcoin decided to cancel its IPO plan, mainly due to the low income of the managed mining business.

- The company will carry out large-scale layoffs to cope with the reduced expenses and operating income.

- CEO Cory Klippsten confirmed the company's restructuring plan in a tweet.

- The layoffs may affect a part of the employees, and the specific number has not yet been announced.

- The company was originally accelerating its spending plan, but will significantly reduce expenses due to business adjustments.

- Other crypto companies, such as Ripple Labs and Circle, are still moving forward with their IPO plans.

- This information is a developing story, and more information will be updated later.