Bgin Blockchain, Based in Singapore, Seeks $50 Million IPO to Boost Crypto Mining
Bgin Blockchain Limited has filed for a public offering in the U.S., aiming to raise up to $50 million for expanding its crypto mining operations.
Singapore-based Bgin Blockchain Limited, a producer of cryptocurrency mining equipment, has initiated its filing for an initial public offering (IPO) in the United States, seeking to raise up to $50 million. This filing was submitted to the U.S. Securities and Exchange Commission (SEC) on February 21.
According to the registration statement, Bgin plans to issue roughly 59.54 million Class A shares and 15.69 million Class B shares, and aims to list its Class A shares on Nasdaq using the ticker “BGIN”.
While the specific pricing of these shares has not been disclosed, investment advisory firm Renaissance Capital estimates that this IPO could yield $50 million.
Bgin Blockchain Focuses on Specialized Mining Rigs
Founded in 2019, Bgin Blockchain specializes in creating mining equipment designed for alternative cryptocurrencies, notably Kaspa (KAS), Alephium (ALPH), and Radiant (RXD).
The company revealed that it sold nearly 68,000 mining rigs during the fiscal year 2023 and over 47,000 units in the first half of 2024. Bgin also provides hosting for over 4,020 mining rigs belonging to clients, with approximately 3,330 machines situated in Nebraska and Iowa.
Singapore-based crypto mining tech firm @Bgin_Blockchain has filed for a $50M IPO in the US, planning to list its Class A shares on Nasdaq under the ticker “BGIN.” The company, which designs mining rigs for #Kaspa, #Alephium, and #Radiant, saw mining hardware sales contribute… pic.twitter.com/TtRJUemOsD — VaaSBlock (@vaasblock) February 24, 2025
The company’s subsidiaries operate an additional 33,862 active mining rigs in the U.S., while around 12,000 units remain idle across facilities in the U.S. and Hong Kong.
Financial data shows that Bgin is significantly dependent on cryptocurrency mining, as it represented nearly all of its revenue in the 2022 fiscal year. The company diversified its operations in April 2023 by introducing a new line of mining machines that accounted for over 85% of its revenue from that year. Proceeds from the upcoming IPO are expected to enhance research and development activities, aiding Bgin’s transition to more efficient mining technologies.
Bgin’s IPO Plans Reflect U.S. Crypto Market Revival
Bgin’s intention to go public aligns with a resurgence in crypto-related IPOs in the U.S., especially following the election victory of former President Donald Trump, believed to be advantageous for the cryptocurrency industry.
Other crypto firms, including trading platform eToro, crypto custody company BitGo, and exchange Gemini, are also reportedly gearing up for their own public listings. eToro announced on February 12 that it had confidentially filed IPO plans with the SEC, while BitGo is said to be in talks for a possible launch in the second half of 2025. Gemini is also anticipating exploring IPO options this year.
BitGo reignited IPO speculation after launching a global over-the-counter (OTC) trading desk on February 19. CEO Mike Belshe stressed the importance of crypto companies making public offerings to engage more effectively with Wall Street.
Key Takeaways
- Bgin Blockchain filed for a U.S. IPO aiming to raise up to $50 million through Nasdaq listing.
- The company sold over 115,000 mining rigs between 2023 and mid-2024, focusing on alternative cryptocurrencies.
- Bgin’s IPO aligns with a broader surge in crypto-related public offerings in the U.S. market.
