Singapore-based crypto mining rig manufacturer Bgin Blockchain Limited has filed for an initial public offering (IPO) in the United States, aiming to raise $50 million, according to a Feb. 21 filing with the U.S. Securities and Exchange Commission (SEC). The company plans to offer 59.54 million Class A ordinary shares and 15.69 million Class B shares, with an application to list its Class A shares under the ticker “BGIN” on Nasdaq. While Bgin did not disclose the exact pricing details, investment advisory firm Renaissance Capital estimated that the IPO could raise up to $50 million. Bgin’s move aligns with a broader trend of crypto firms seeking public listings in the U.S., especially following Donald Trump’s presidential election win , which has reignited optimism for pro-crypto policies in the country. Bgin Blockchain: A Rising Mining Player Founded in 2019, Bgin Blockchain specializes in mining hardware tailored for alternative cryptocurrencies such as Kaspa (KAS), Alephium (ALPH), and Radiant (RXD). The company has reported significant growth in hardware sales, selling nearly 68,000 mining rigs in 2023 and an additional 47,000 units in the first half of 2024. Beyond selling mining rigs, Bgin also hosts mining equipment for customers, with 4,020 machines under its management—3,330 of which are stationed in mining facilities across Nebraska and Iowa. Additionally, its subsidiaries control over 33,862 active mining rigs across the U.S., with an additional 12,000 inactive units in warehouses in both the U.S. and Hong Kong. Initially, Bgin’s revenue was entirely derived from cryptocurrency mining, but the company pivoted in April 2023 to focus on designing and selling its own mining machines—a move that now contributes over 85% of its revenue. The funds raised through the IPO will primarily be allocated toward expanding research and development efforts, signaling the company’s commitment to innovation in crypto mining technology. Wave of Crypto IPOs on the Horizon Bgin is not the only crypto company gearing up for a public listing. Crypto-friendly trading platform eToro recently filed confidential IPO plans with the SEC on Feb. 12, though details regarding share pricing and volume remain undisclosed. Meanwhile, crypto custody firm BitGo is rumored to be preparing for an IPO in the second half of 2024, though no official decision has been made. Similarly, reports suggest that Gemini, the exchange founded by the Winklevoss twins, is exploring an IPO as early as this year. BitGo’s IPO speculation intensified after the company launched a global over-the-counter (OTC) trading desk on Feb. 19. On the same day, CEO Mike Belshe emphasized the importance of crypto firms going public, stating that it is “key for addressing Wall Street.” The post Bgin Blockchain Eyes $50M U.S. IPO Amid Rising Crypto Public Listings appeared first on TheCoinrise.com .
