Bgin Seeks $50M in U.S. IPO for Crypto Mining Expansion

Singapore-based cryptocurrency mining hardware manufacturer Bgin has filed for a U.S. initial public offering (IPO), aiming to raise $50 million. According to a filing submitted to the U.S. Securities and Exchange Commission (SEC) on February 21st, Bgin plans to issue about 59.54 million shares of Class A common stock and 15.69 million shares of Class B common stock, and has applied to list on the Nasdaq under the ticker symbol "BGIN".

The company was founded in 2019, focusing on the design and sale of alternative cryptocurrency mining equipment. In the 2023 fiscal year, Bgin sold nearly 68,000 mining rigs. The company revealed that almost all of its revenue in the 2022 fiscal year came from the crypto mining industry. Bgin plans to use the IPO proceeds for research and expansion.

Bgin's IPO comes amidst a wave of U.S. listings by crypto companies. In recent months, several other crypto firms have also been planning U.S. listings, including eToro and BitGo, among others.

Bgin's IPO filing provides a detailed overview of the company's business model, financials, and growth prospects. The company's revenue has been growing rapidly, driven by strong demand for cryptocurrency mining equipment. Bgin's IPO could provide a significant boost to the company's expansion plans and help it capture a larger share of the growing crypto mining market.

The U.S. IPO market has been a popular destination for crypto companies looking to raise capital and increase their visibility. Bgin's IPO could set a precedent for other crypto mining hardware manufacturers looking to follow suit. As the crypto market continues to grow and evolve, investors and companies alike are increasingly turning to the U.S. capital markets to fund their expansion plans.