Swan Bitcoin Cancels Pacific Bitcoin Festival 2024 to Focus on Core Business

Swan Bitcoin has cancelled its Pacific Bitcoin Festival, which was scheduled to take place in Santa Monica, California, from October 18 to October 19

Swan Bitcoin has canceled its Pacific Bitcoin Festival, which was scheduled to take place in Santa Monica, Calif., from Oct. 18 to Oct. 19, 2024.

The decision comes as the company lays off some employees and shuts down its crypto mining operations.

On Aug. 5, Swan Bitcoin CEO Cory Klippsten announced the cancellation on X (formerly Twitter).

“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,” he said.

The festival was set to include speakers such as Bitcoiner Max Keiser, who supports Bitcoin adoption in El Salvador, and Marathon CEO Fred Thiel. However, due to the recent staff cuts and the company pivoting to focus on its main business operations, they decided to cancel the event.

In July, Klippsten also announced that Swan Bitcoin had paused its plans for an initial public offering (IPO) to concentrate on its core operations.

Despite these changes, Swan Bitcoin will be hosting a smaller, one-day event on Oct. 17 and plans to bring back the full festival in 2025.

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