Singapore-based crypto mining hardware firm Bgin Blockchain has filed for a U.S. IPO, aiming to raise $50 million. In its SEC filing, the company outlined plans to offer nearly 60 million Class A shares and over 15 million Class B shares, with an application to list on Nasdaq under the ticker “BGIN.”
Bgin specializes in designing mining rigs focused on alternative cryptocurrencies like Kaspa, Alephium, and Radiant. The firm reported selling nearly 68,000 rigs in 2023 and 47,000 more in the first half of 2024. Additionally, it manages over 4,000 rigs for clients in Nebraska and Iowa while operating more than 33,000 rigs across the U.S.
The company’s financials indicate that most of its revenue initially came from cryptocurrency mining, but after launching its own mining machines in April 2023, hardware sales contributed over 85% of its earnings. The IPO funds will be used primarily to boost research and development efforts.
Bgin’s move aligns with a trend of crypto firms seeking public listings in the U.S., following similar plans from companies like eToro, BitGo, and Gemini. The IPO reflects growing interest in crypto mining and blockchain technology despite regulatory uncertainties.
