Singapore’s Bgin Blockchain Files For $50M US IPO To Expand Crypto Mining Operations

Singapore-based Bgin Blockchain Limited, a manufacturer of crypto mining rigs, has filed for an initial public offering (IPO) in the United States, aiming to raise up to $50 million. The filing was submitted to the U.S. Securities and Exchange Commission (SEC) on February 21.

According to the registration statement, Bgin plans to offer approximately 59.54 million Class A ordinary shares and 15.69 million Class B ordinary shares. The company has also applied to list its Class A shares on Nasdaq under the ticker symbol “BGIN.”

While the filing did not specify the share pricing, investment advisory firm Renaissance Capital projected the IPO could generate $50 million.

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Bgin Blockchain Targets Alternative Cryptocurrencies with Specialized Mining Rigs

Founded in 2019, Bgin Blockchain focuses on developing mining rigs tailored to alternative cryptocurrencies, particularly Kaspa (KAS), Alephium (ALPH), and Radiant (RXD).

The company stated that it sold nearly 68,000 mining rigs in fiscal year 2023 and more than 47,000 units in the first half of 2024. Bgin also hosts over 4,020 mining rigs for clients, with 3,330 machines located in Nebraska and Iowa.

Singapore-based crypto mining tech firm @Bgin_Blockchain has filed for a $50M IPO in the US, planning to list its Class A shares on Nasdaq under the ticker “BGIN.” The company, which designs mining rigs for #Kaspa, #Alephium, and #Radiant, saw mining hardware sales contribute… pic.twitter.com/TtRJUemOsD

— VaaSBlock (@vaasblock) February 24, 2025

Its subsidiaries operate an additional 33,862 active mining rigs in the U.S., while around 12,000 units remain inactive in facilities across the U.S. and Hong Kong.

The company’s financials reveal a significant reliance on cryptocurrency mining. In the 2022 fiscal year, mining accounted for nearly all of Bgin’s revenue.

The company diversified in April 2023 by launching its line of mining machines, which contributed to over 85% of its revenue for that year. Proceeds from the IPO are expected to bolster research and development efforts, supporting the firm’s push into more efficient mining technologies.

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Bgin’s IPO Plans Align with Renewed U.S. Crypto IPO Surge

Bgin’s public offering plans coincide with renewed interest in crypto-related IPOs in the U.S., particularly after former President Donald Trump’s recent election win, which has been seen as favorable for the crypto industry.

Several crypto companies, including trading platform eToro, crypto custody firm BitGo, and exchange Gemini, are also reportedly preparing for public listings.

eToro announced on February 12 that it had confidentially submitted IPO plans to the SEC, while BitGo is reportedly in discussions for a potential launch in the latter half of 2025. Gemini is also said to be exploring IPO options this year.

BitGo reignited IPO speculation after launching a global over-the-counter (OTC) crypto trading desk on February 19. At a conference the same day, CEO Mike Belshe emphasized the importance of crypto firms going public to engage more effectively with Wall Street.

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