Singapore-based cryptocurrency mining hardware manufacturer, Bgin Blockchain Limited, has filed for an initial public offering (IPO) in the United States, seeking to raise $50 million. The company aims to list its Class A ordinary shares on the Nasdaq Stock Exchange under the ticker symbol “BGIN.” The IPO will consist of approximately 59.54 million Class A shares and 15.69 million Class B shares.
Founded in 2019, Bgin Blockchain has quickly emerged as a key player in the cryptocurrency mining sector by developing hardware tailored for mining alternative cryptocurrencies. The company focuses on digital assets like Kaspa (KAS), Alephium (ALPH), and Radiant (RXD). In fiscal year 2023, Bgin reported the sale of nearly 68,000 mining rigs, with an additional 47,000 units sold in the first half of 2024.
In addition to manufacturing mining equipment, Bgin also operates hosting services for mining operations. The company currently manages over 4,020 mining rigs for clients, primarily in Nebraska and Iowa. Its subsidiaries oversee a total of 33,862 active mining rigs across multiple U.S. locations, with another 12,000 rigs stored in facilities in both the U.S. and Hong Kong.
The proceeds from the IPO are intended to boost Bgin’s research and development (R&D) efforts, strengthening its foothold in the competitive crypto-mining industry. This move is part of a broader trend where cryptocurrency-related companies are exploring public listings in the U.S., particularly after political shifts that favor the domestic crypto sector.
However, Bgin’s journey has not been without challenges. The company faced setbacks when U.S. Customs detained over 2,400 mining rigs. Despite these obstacles, Bgin reported robust financial performance, with over 85% of its 2023 revenue generated from the sale of mining machines.
As the cryptocurrency market evolves, Bgin Blockchain’s IPO reflects its strategic ambitions to capitalize on the rising demand for alternative cryptocurrency mining solutions and expand its global presence.
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