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Singapore-based cryptocurrency mining rig manufacturer Bgin Blockchain Limited has filed for an initial public offering (IPO) in the US, aiming to raise $50 million.
According to a Feb. 21 filing with the US Securities and Exchange Commission (SEC), Bgin plans to offer approximately 59.54 million Class A ordinary shares and 15.69 million Class B shares. Its Class A shares will be listed on Nasdaq under the ticker symbol “BGIN.”
Investment advisory firm Renaissance Capital estimated that the IPO could raise up to $50 million. Funds from its IPO will be used to expand research and development efforts.
Founded in 2019, Bgin specializes in designing and selling mining rigs focused on alternative cryptocurrencies, including Kaspa (KAS), Alephium (ALPH), and Radiant (RXD). In 2023 fiscal year, Bgin sold nearly 68,000 mining rigs. Over 47,000 have alredy in the first half of 2024.
However, Bgin disclosed that over 2,400 of its mining rigs were detained by US Customs, though it did not specify the reasons.
The company also operates a hosting service for mining rigs, managing over 4,020 rigs for customers, with 3,330 housed in facilities in Nebraska and Iowa. Its subsidiaries oversee 33,862 active mining rigs across the US, while another 12,000 non-operational rigs are stored in US and Hong Kong warehouses.
Bgin had originally generated most of its revenue from cryptocurrency mining but in 2023, the firm shifted its focus to selling mining machines, which contributed to more than 85% of its total revenue that year.
IPOs in the crypto industry are rising in popularity. Earlier this month, BitGo launched a global over-the-counter (OTC) trading desk for digital assets ahead of a potential IPO.
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Winklevoss-backed cryptocurrency exchange, Gemini, is also considering an IPO as early as this year.
The exchange is said to be currently in discussions with potential advisors regarding a public listing.
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Gemini's consideration comes amid enthusiasm in the crypto industry following Donald Trump's election. Ahead of the US election, Tyler Winklevoss was staunchly against Democrat candidate Kamala Harris and her "crypto reset" campaign.
