TechFlow reported on February 24, according to Cointelegraph, SEC filings show that Bgin Blockchain Limited, a Singapore-based cryptocurrency mining equipment manufacturer, has filed for an IPO with the U.S. Securities and Exchange Commission, planning to issue approximately 59.54 million Class A ordinary shares and 15.69 million Class B ordinary shares. The company has applied to list on the Nasdaq under the ticker symbol "BGIN." Renaissance Capital, an investment advisory firm, estimates the IPO could raise around $50 million.
Founded in 2019, the company focuses on developing alternative cryptocurrency mining equipment, primarily designing and selling mining machines for cryptocurrencies such as Kaspa, Alephium, and Radiant. In fiscal year 2023, the company sold nearly 68,000 mining units, and in the first six months of fiscal year 2024, it sold over 47,000 units. Part of the raised funds will be used to increase investment in research and development.
