Singapore-based crypto mining rig manufacturer Bgin Blockchain Limited has filed to go public in the US in an offering that’s predicted to generate $50 million.
In a Feb. 21 filing to the US Securities and Exchange Commission, Bgin said it would offer around 59.54 million Class A ordinary shares and 15.69 million Class B ordinary shares. Its registration statement also said it had applied to Nasdaq to list its Class A shares under the ticker “BGIN.”
Bgin’s filing didn’t share how it would price its offering, but investment advisory firm Renaissance Capital said in a Feb. 21 note that Bgin’s initial public offering (IPO) could raise up to $50 million.
The mining tech firm’s upcoming IPO comes amid a slew of crypto firms who have planned or are rumored to be going public in the US after Donald Trump’s election win, who has promised to support the local crypto industry.
Bgin’s registration statement said the firm was founded in 2019 and has “a strategic focus on alternative cryptocurrencies.” It designs and sells crypto mining rigs dedicated to mining Kaspa (KAS), Alephium (ALPH), and Radiant (RXD).
Bgin said that over 2,400 of its mining rigs were detained by US Customs. Source: SEC
It added it sold an aggregate of just under 68,000 rigs in fiscal year 2023 and had sold over 47,000 in the first six months of 2024.
Bgin added it currently hosts over 4,020 mining rigs for its customers, 3,330 of which are in facilities in Nebraska and Iowa. Meanwhile, its subsidiaries operate 33,862 active mining rigs across the US, with a further 12,000 non-operating rigs in facilities or warehouses in the US and Hong Kong.
Bgin said in the 2022 fiscal year that it “generated substantially all of our revenue from cryptocurrency mining.” It added it started selling its own-designed mining machines in April 2023, a business that contributed to over 85% of its revenues that fiscal year.
It added the money raised from a public offering would be partly used to fund an increase in its research and development efforts.
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Other crypto-focused companies are gearing up for a potential IPO.
Crypto-friendly trading platform eToro shared on Feb. 12 that it had confidentially submitted draft plans to the SEC relating to a proposed IPO, with the number of shares and their price range to be determined.
Crypto custody services firm BitGo is also reported to be in talks for a potential public launch in the second half of this year; however, no final decision has been made. The crypto exchange Gemini is also reportedly in talks for an IPO as early as this year.
Rumors of BitGo’s IPO again stirred when it launched a global over-the-counter (OTC) trading desk for crypto on Feb. 19, and CEO Mike Belshe said at a conference the same day that it was key for crypto firms to go public “in order to address Wall Street.”
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