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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.

IPO Funds to Fuel R&D and Business Expansion

Bgin attributed its success to the advanced design of its mining machines and the strength of its research and development (R&D) teams. To date, the company has designed 23 different mining machine models, with 19 currently in use for alternative cryptocurrency mining.

The IPO proceeds will be funneled into strengthening R&D, refining Bgin’s business model, and integrating more segments of the crypto value chain, positioning the company for long-term growth in a highly competitive industry.

Heavyweights Backing the Offering

The IPO is backed by Chardan Capital Markets and The Benchmark Co., serving as joint bookrunners. Hunter Taubman Fischer & Li LLC represents Bgin, with attorneys Ying Li and Guillaume de Sampigny leading the charge. Meanwhile, underwriters counsel Robinson & Cole LLP is represented by Arila Er Zhou and Anna Jinhua Wang.

Despite the excitement surrounding the offering, Bgin has yet to publicly comment on its IPO plans.

Crypto IPO Momentum Builds

Bgin’s announcement comes hot on the heels of another IPO filing in the crypto sector. Trading platform eToro Group recently revealed that it had confidentially submitted plans to U.S. regulators for a potential public debut—highlighting a renewed wave of interest in blockchain-based businesses tapping into public markets.

As Bgin prepares to make its mark on Wall Street, the IPO will be closely watched as a litmus test for investor appetite in the volatile cryptocurrency sector.