"Bgin Blockchain Seeks $50M IPO Amid Crypto Boom"

Crypto mining tech firm Bgin Blockchain has filed for a $50 million initial public offering (IPO) in the US, according to a Feb. 21 filing with the Securities and Exchange Commission (SEC). The Singapore-based company plans to offer around 59.54 million Class A ordinary shares and 15.69 million Class B ordinary shares, with an application to list its Class A shares on Nasdaq under the ticker "BGIN".

Bgin's IPO comes amidst a wave of crypto firms eyeing public listings in the US, following Donald Trump's election win and his pledge to support the local crypto industry. The mining tech firm, founded in 2019, specializes in designing and selling crypto mining rigs dedicated to mining Kaspa (KAS), Alephium (ALPH), and Radiant (RXD).

In its registration statement, Bgin revealed that over 2,400 of its mining rigs were detained by US Customs. The company sold an aggregate of nearly 68,000 rigs in fiscal year 2023 and over 47,000 in the first six months of 2024. Bgin currently hosts over 4,020 mining rigs for its customers, with the majority located in facilities in Nebraska and Iowa. Its subsidiaries operate 33,862 active mining rigs across the US, along with 12,000 non-operating rigs in facilities or warehouses in the US and Hong Kong.

Bgin generated a significant portion of its revenue from cryptocurrency mining in the 2022 fiscal year. The company started selling its own-designed mining machines in April 2023, which contributed to over 85% of its revenues that year. Proceeds from the IPO will be used to fund an increase in research and development efforts.

Bgin is not the only crypto-focused company considering an IPO. Crypto-friendly trading platform eToro has confidentially submitted draft plans to the SEC for a proposed IPO, with the number of shares and their price range yet to be determined. Crypto custody services firm BitGo is reportedly in talks for a potential public launch in the second half of this year, while crypto exchange Gemini is also rumored to be exploring an IPO as early