Bgin Blockchain Ltd. (BGIN) Plans to Raise $50 Million in April 1st IPO

Bgin Blockchain Ltd. (BGIN) is planning to raise $50 million in an initial public offering on Tuesday, April 1st, IPO Scoop reports. The company plans to issue 6,300,000 shares at a price of $7.00-$9.00 per share.

In the last year, Bgin Blockchain Ltd. generated $392.2 million in revenue and $201.9 million in net income. The company has a market-cap of $652 million.

Chardan and The Benchmark Company acted as the underwriters for the IPO.

Bgin Blockchain Ltd. provided the following description of their company for its IPO: “We make cryptocurrency mining equipment. Our focus is on alternative currencies. (Incorporated in the Cayman Islands) Through our operating subsidiaries, we are a digital asset technology company based in Singapore, Hong Kong, and the U.S. with proprietary cryptocurrency-mining technologies and a strategic focus on alternative cryptocurrencies. For the fiscal year ended December 31, 2022, we generated substantially all of our revenue from cryptocurrency mining. Since April 2023, we have generated revenue from selling mining machines designed by us, and sales of mining machines contributed approximately 85.43% and 65.71% of our total revenue for the fiscal year ended December 31, 2023, and the six months ended June 30, 2024, respectively. Our subsidiaries design and sell mining machines equipped with our proprietary 8nm or 12nm ASIC chips under different series dedicated to the mining of KAS coins, ALPH coins, RXD coins, and ALEO coins. These machines are available for purchase only through our website, iceriver.io. Customers may view and place orders for machines they intend to purchase directly through the website, and have the option to enroll in our miner hosting services, through which we operate and manage mining machines on customers’ behalf in return for service fees. Customers purchasing machines sold by our subsidiaries are primarily based in Hong Kong, the U.S. and Southeast Asia. For the fiscal year ended December 31, 2023, and the six months ended June 30, 2024, we sold an aggregate of 67,998 and 47,252 mining machines, respectively, to customers across the world. As of the date of this prospectus, we host a total of 4,020 machines on behalf of our customers, of which 2,969 are in operation at our mining farm located in York, Nebraska, and a hosting facility in Coon Rapids, Iowa, and 1,051 are stored in our warehouse in Beatrice, Nebraska. As our subsidiaries produce cryptocurrencies through their mining operations, they exchange cryptocurrencies mined for fiat currency on a regular basis to generate cash flow to fund our subsidiaries’ business operations. We attribute our substantial growth since our inception to our competitive advantages in our subsidiaries’ research and development capacities, our experienced and visionary management team, and our strategic focus on alternative cryptocurrency mining. According to the Frost & Sullivan Report, alternative cryptocurrencies refer to cryptocurrencies other than Bitcoin and Ethereum. Alternative cryptocurrencies are generally considered to have more growth potential with higher risks compared to large-capitalization cryptocurrencies. To mitigate such risks and maximize profit potential, our subsidiaries adopt a flexible approach to mining operations by using their proprietary cloud-based mining machine management software to monitor mining results on a daily basis and, on an as-needed basis, adjust the ratio of cryptocurrencies to be mined. We believe that the strong design of our mining machines and the research and development capabilities of our subsidiaries represent key competitive strengths that afford us the ability to conduct cryptocurrency mining with greater computing power and power efficiency. Our subsidiaries fully rely on their self-designed mining machines for their daily cryptocurrency mining operations. To date, through our subsidiaries, we have designed 26 and put into use 14 different models of cryptocurrency mining machines, each specifically adapted and dedicated to alternative cryptocurrency mining. As of the date of this prospectus, our subsidiaries own a total of 48,277 mining machines for operation purposes, of which 34,390 are in operation, 11,475 are not operated and are stored in mining farms and hosting facilities in the U.S. or our warehouses in Hong Kong and Beatrice, Nebraska, and 2,412 are currently being detained by U.S. Customs and Border Protection (“U.S. Customs”) and are now the subject of re-export proceedings. See also “Business — Legal Proceedings.” Through our subsidiaries, we currently manage and operate some of our mining machines in the U.S. at mining farms owned by our subsidiaries in Omaha, Nebraska, and York, Nebraska. The remaining mining machines are hosted by third-party hosting service providers at four different locations in the States of Iowa, Texas, West Virginia and Ohio. As of the date of this prospectus, other than 425 mining machines located in our warehouse in Hong Kong, all the mining machines owned by our subsidiaries are located in the U.S. See “— Growth Strategies — Improving and Integrating Our Business Model to Encompass a Value Chain.” We strive to continuously develop and implement technological improvement into our subsidiaries’ mining process. The technological cornerstone of our subsidiaries’ cryptocurrency mining operations is their proprietary cloud-based mining machine management software, which is used at all of the mining farms in which our subsidiaries maintain and operate mining machines, and allows them to make timely and informed decisions as to the use and management of their mining machines. Since September 2023, we have been operating a mining pool, currently dedicated to mining five cryptocurrencies, through which we generate income by receiving crypto coins as rewards and deducting a percentage of such rewards as pool fees from payouts to pool participants. See “— Mining Pool.” For the fiscal years ended December 31, 2022, and December 31, 2023, and the six months ended June 30, 2024, the company’s business operations were heavily dependent upon KAS coins. See “Risk Factors — Risks Related to Our Business and Industry — Our business operations are heavily dependent upon the stability and popularity of KAS coins” and “Industry — Total Market Capitalization of Cryptocurrencies — KAS.” (Note: Bgin Blockchain Ltd. filed its FWP (free writing prospectus) on March 20, 2025, for its IPO: 6.3 million shares at a price range of $7.00 to  $9.00 to raise $50.0 million.) “.

Bgin Blockchain Ltd. was founded in 2019 and has 112 employees. The company is located at #09 12 Paya Lebar Square 60 Paya Lebar Road Singapore 409051 and can be reached via phone at +65 9658 5681 or on the web at http://www.bgin.io/.