Bgin Blockchain Targets $50 Million IPO as Crypto Firms Go Public

The company aims to raise $50 million by listing its Class A shares on Nasdaq under the ticker “BGIN”.

According to a filing submitted to the US Securities and Exchange Commission (SEC) on February 21, Bgin plans to issue approximately 59.54 million Class A ordinary shares and 15.69 million Class B ordinary shares.

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While the company did not specify its offering price, investment firm Renaissance Capital estimated that the IPO could generate up to $50 million.

Bgin was founded in 2019 and focuses on mining hardware for alternative cryptocurrencies, including Kaspa KAS $0.0970 , Alephium ALPH $0.6372 , and Radiant RXD $0.0003 . It reported selling nearly 68,000 mining rigs in 2023 and over 47,000 in the first half of 2024.

In addition to selling equipment, the company hosts over 4,000 mining rigs for customers, with most located in Nebraska and Iowa. Its subsidiaries manage a total of 33,862 active rigs across the US, while another 12,000 are stored in warehouses in the US and Hong Kong.

Initially, Bgin’s revenue came mostly from its own cryptocurrency mining operations. However, in April 2023, it expanded into selling its own-designed mining rigs, a business that accounted for more than 85% of its revenue that year.

The company’s IPO comes as more crypto-related firms consider going public in the US, a trend that has gained momentum following Donald Trump’s election.

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