Swan Bitcoin has cancelled its Pacific Bitcoin Festival, which was scheduled to take place in Santa Monica, California, from October 18 to October 19, 2024. This decision was due to the lay-off of some employees and the shutdown of its crypto mining operations.
On August 5, Swan Bitcoin CEO Cory Klippsten announced the cancellation on X (formerly Twitter). He said, “We’re fully focused on Swan Bitcoin’s core business right now, and after going through a staff reduction last month, it just doesn’t feel like the right time for a festival.”
The festival was set to include speakers like Bitcoiner Max Keiser, who supports Bitcoin adoption in El Salvador, and Marathon CEO Fred Thiel. However, due to recent staff cuts and stopping their mining operations, the company decided to focus on its main business activities.
In July, Klippsten also said that Swan Bitcoin had put off its plans for an initial public offering (IPO) to concentrate on its core operations. Despite these changes, Swan Bitcoin will host a smaller, one-day event on October 17 and plans to bring back the full festival in 2025.
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