Bgin Blockchain Files for US IPO: Bgin Blockchain to List on Nasdaq in Mining Tech Push
In an anticipated $50 million offering, Singapore-based Bgin Blockchain Limited, a producer of cryptocurrency mining equipment, has filed to go public in the US. Bgin stated that it would sell approximately 59.54 million Class A ordinary shares and 15.69 million Class B ordinary shares in a filing to the US Securities and Exchange Commission on February 21. Its application to issue its Class A shares on the Nasdaq under the ticker “BGIN” was also included in its registration statement.
Investment consulting firm Renaissance Capital stated in a report dated February 21 that Bgin’s initial public offering (IPO) might raise up to $50 million. However, the company did not disclose how it would price its offering in its filing. Following the election of Donald Trump, who has pledged to assist the local crypto industry, several cryptocurrency companies have planned or are reported to be going public in the US. The mining tech company’s impending IPO comes amid this trend.
Bgin Blockchain Expands Mining Empire Ahead of Nasdaq Listing
As to the company’s registration statement, Bgin was established in 2019 and focuses on alternative cryptocurrencies. It creates and markets cryptocurrency mining rigs for Radiant (RXD), Alephiu, and Kaspa mining.
According to the report, it sold slightly under 68,000 rigs overall in fiscal year 2023 and more than 47,000 in the first half of 2024. 3,330 of the 4,020 mining rigs that Bgin said it presently hosts for its clients are located at sites in Nebraska and Iowa. There are currently 33,862 active mining rigs in the US run by its companies, and an additional 12,000 rigs are in facilities or warehouses in the US and Hong Kong that are not in use.
According to Bgin, cryptocurrency mining accounted for nearly all of their earnings in the fiscal year 2022. Additionally, it stated that in April 2023, it began selling its own mining equipment, which accounted for more than 85% of its total revenue for that fiscal year. It further stated that an expansion of its research and development activities would be partially financed by the funds earned from a public offering.
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