Crypto Mining Firm Bgin Blockchain Files for $50M IPO in the US

Bgin Blockchain Limited, a Singapore-based manufacturer of cryptocurrency mining rigs, has filed for an initial public offering (IPO) in the United States, aiming to raise approximately $50 million. The filing, submitted to the U.S. Securities and Exchange Commission (SEC) on February 21, 2025, revealed that the company plans to offer 59.54 million Class A ordinary shares and 15.69 million Class B ordinary shares. The company also intends to list its Class A shares on the Nasdaq under the ticker symbol "BGIN."

While the exact pricing of the offering remains undisclosed, investment advisory firm Renaissance Capital estimated that the IPO could raise up to $50 million. This move is part of a broader trend, with numerous cryptocurrency companies eyeing public listings in the U.S. following an encouraging stance toward the industry by former President Donald Trump.

Founded in 2019, Bgin Blockchain has rapidly established itself as a key player in the mining technology sector, with a particular focus on alternative cryptocurrencies. The company designs and manufactures mining rigs for various cryptocurrencies, including Kaspa (KAS), Alephium (ALPH), and Radiant (RXD). In fiscal year 2023, Bgin sold nearly 68,000 mining rigs and has already sold more than 47,000 rigs in the first half of 2024 alone.

In addition to its manufacturing operations, Bgin Blockchain currently hosts over 4,000 mining rigs for its customers, with the majority (3,330) located in mining facilities in Nebraska and Iowa. The company’s subsidiaries are actively operating 33,862 mining rigs across the U.S., while an additional 12,000 rigs are currently in storage at various facilities in the U.S. and Hong Kong.

Bgin reported that the bulk of its revenue comes from cryptocurrency mining. In fiscal year 2022, the company earned almost all of its revenue from mining activities. However, the firm also began selling its own-designed mining machines in April 2023, which now account for more than 85% of its revenue.

Looking ahead, Bgin Blockchain plans to use a portion of the funds raised from its IPO to accelerate research and development efforts. This aligns with its strategy to expand its product offerings and increase its market share within the competitive crypto mining space.

Bgin Blockchain's public offering comes at a time when several other crypto-focused firms are also preparing for IPOs. On February 12, 2025, eToro, the crypto-friendly trading platform, revealed that it had confidentially filed draft plans for an IPO with the SEC, though details on the number of shares or pricing were not provided. Additionally, crypto custody services provider BitGo is reportedly in talks for a potential public launch in the second half of this year, while Gemini, a well-known cryptocurrency exchange, is also considering an IPO in the near future.

The potential public listings of these firms highlight the growing interest in the cryptocurrency industry among institutional investors and Wall Street. According to BitGo CEO Mike Belshe, going public is a key step for crypto companies to gain credibility and access to larger pools of capital. As the sector continues to mature, the IPOs of companies like Bgin Blockchain could play a pivotal role in shaping the future of cryptocurrency and blockchain technology.