Bgin Blockchain targets $50M in US IPO for expansion

Bgin Blockchain Ltd., a Singapore-based manufacturer of crypto mining rigs, has filed for an initial public offering (IPO) in the US, aiming to raise $50 million.

The company submitted its filing to the U.S. Securities and Exchange Commission (SEC) on February 21, 2025.

Bgin plans to offer approximately 59.54 million Class A ordinary shares and 15.69 million Class B ordinary shares.

The company has applied to list its Class A shares on the Nasdaq under the ticker symbol "BGIN."

While the filing did not disclose the offering price, Renaissance Capital, an investment advisory firm, estimates the IPO could raise up to $50 million.

Founded in 2019, Bgin Blockchain focuses on alternative cryptocurrencies, designing and selling mining rigs for coins like Kaspa (CRYPTO:KAS), Alephium (CRYPTO:ALPH), and Radiant (CRYPTO:RXD).

Bgin reported selling nearly 68,000 mining rigs in fiscal year 2023 and over 47,000 in the first six months of 2024.

Bgin operates over 33,862 active mining rigs across the US through its subsidiaries and hosts over 4,020 mining rigs for customers, with 3,330 in Nebraska and Iowa.

While in 2022, most of Bgin's revenue came from cryptocurrency mining, since April 2023, machine design and sales have accounted for over 85% of its revenue.

Bgin intends to use the funds raised from the IPO to increase its research and development efforts.

Other crypto-focused companies, including eToro, BitGo, and Gemini, are also considering potential IPOs.