Bgin Blockchain Files For $50M U.S. IPO

U.S. Expansion

In its February 21st filing with the SEC, the Singapore-based crypto mining manufacturer plans to offer about 59.54 million Class A shares and 15.69 million Class B shares, seeking a Nasdaq listing under the ticker “BGIN.”

Bgin focuses on mining rigs for altcoins like Kaspa, Alephium, and Radiant. It sold nearly 68K rigs in 2023 and over 47K in the first half of 2024. The company also hosts over 4K rigs across Nebraska and Iowa and operates nearly 34K active rigs in the U.S., with additional rigs in Hong Kong.

Crypto Mining Revenue

Bgin generated nearly all its revenue from crypto mining in 2022 and started selling its own mining rigs in April 2023, contributing to over 85% of its revenue that fiscal year. The funds raised from the IPO will help boost its research and development efforts.

Other crypto companies, like eToro and BitGo, are also preparing for potential IPOs, with eToro having submitted confidential plans to the SEC, and BitGo reportedly in talks for a public listing later this year.