Cryptocurrency mining company Bgin Blockchain Ltd. has officially entered the race for public capital, filing for a $50 million initial public offering (IPO) with the U.S. Securities and Exchange Commission (SEC) on Friday. The move signals the company’s ambitions to scale its mining operations and deepen its foothold in the rapidly evolving blockchain landscape.
According to a registration statement submitted to the SEC, Bgin plans to offer approximately 59 million Class A ordinary shares and 15 million Class B shares, though exact pricing details remain undisclosed. The company aims to list on the Nasdaq under the ticker symbol BGIN, positioning itself among the elite publicly traded crypto firms.
Crypto Mining Powerhouse with Global Reach
Founded in 2019, Bgin Blockchain has built its reputation on cryptocurrency mining, specifically focusing on alternative currencies. The company has also expanded its business model to designing and selling mining machines—a shift that has dramatically reshaped its revenue streams.
“For the fiscal year 2023, nearly all our revenue came from cryptocurrency mining,” Bgin stated in its filing. “However, since April 2023, machine design and sales have accounted for roughly 85% of our total revenue.”
Bgin’s subsidiaries manufacture high-performance mining machines powered by proprietary 8nm and 12nm ASIC chips, tailored for mining KAS, ALPH, and RXD coins. The company disclosed that it had sold a staggering 67,998 mining machines in 2023 and another 47,252 units in the first half of 2024, with a customer base spanning Hong Kong, the U.S., and Southeast Asia.
