It’s time for us to maybe eat some crow swan.
In February of this year, we repeated the idea that Swan Bitcoin might just be the first crypto company to go public in 2024.
As it turns out, not only will they not be the first as Fold today announced they will be going public very soon (albeit through a SPAC), but they also might not even be going public at all…
According to a tweet from CEO Cory Klippsten, the company’s Managed Mining business is not generating the revenue it needs and for that reason they will be backing off the IPO and letting go a large number of employees.
This is quick turnaround from the announcement of the Managed Mining unit only two months ago.
What really happened here? It’s hard to say.
And while we wish Swan and the team the best, it’s hard to feel very sorry for someone who has spent much of their time talking down on their competition.