Bgin Blockchain Miner prepares for $50 million IPO
The Singapore-based manufacturer of cryptocurrency mining rigs, Bgin Blockchain Limited, has filed for an initial public offering (IPO) in the United States. According to a report by Traders Union, the company aims to raise up to $50 million through this IPO. In a filing dated February 21 with the U.S. Securities and Exchange Commission (SEC), Bgin announced plans to offer approximately 59.54 million Class A common shares and 15.69 million Class B common shares. The company has also applied to list its Class A shares on the Nasdaq under the ticker symbol "BGIN," although pricing details have not yet been disclosed. Renaissance Capital, an investment advisory firm, estimates that the offering could generate proceeds of around $50 million.
Bgin Blockchain Limited, founded in 2019, focuses on alternative cryptocurrencies and develops mining rigs for coins such as Kaspa ($KAS), Alephium ($ALPH), and Radiant ($RXD). The company reported strong sales figures, having sold nearly 68,000 rigs in the fiscal year 2023 and over 47,000 rigs in the first six months of 2024. Currently, Bgin hosts more than 4,020 mining devices for its clients, with 3,330 of these located in facilities in Nebraska and Iowa. Additionally, its subsidiaries operate 33,862 active mining devices in the United States and maintain another 12,000 non-operational devices in facilities in both the U.S. and Hong Kong. In 2022, the company generated nearly all of its revenue from cryptocurrency mining, and in April 2023, it launched its self-developed mining machines, which accounted for over 85% of its annual revenue.
The funds raised through the IPO will partially be used to expand research and development efforts, as Bgin aims to maintain its technological edge in the highly competitive cryptocurrency mining industry. The timing of the IPO aligns with a broader trend of cryptocurrency companies seeking public listings in the U.S., supported by a crypto-friendly environment following recent policy changes. For more details, visit the original report on Traders Union at https://tradersunion.com/de/news/cryptocurrency-news/show/115269-bgin-blockchain-miner-prepares/.
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