According to a filing from 12 February 2025 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 ordinary shares. The company has also applied to list its Class A shares on the Nasdaq under the ticker symbol ‘BGIN.’
While Bgin did not disclose the pricing details of the offering, investment advisory firm Renaissance Capital estimated that the IPO could generate as much as USD 50 million.
Bgin’s decision to go public follows increased interest from cryptocurrency-related firms considering or planning IPOs in the US, particularly after Donald Trump's election victory, as he has expressed support for the domestic crypto sector. Founded in 2019, Bgin focuses on developing mining hardware designed for alternative cryptocurrencies. The company specialises in designing and selling mining rigs for Kaspa, Alephium, and Radiant (RXD).
The company also operates a hosting service for mining equipment, currently managing thousands of mining rigs on behalf of customers, primarily in Nebraska and Iowa. Additionally, its subsidiaries oversee 33,862 active mining rigs across various US locations, with another 12,000 non-operational units stored in facilities in the US and Hong Kong.
In its filing, Bgin stated that nearly all of its revenue in fiscal year 2022 came from cryptocurrency mining. However, in April 2023, the company began selling its own mining machines, which accounted for more than 85% of its revenue that year. Bgin intends to use a portion of the funds raised from its IPO to expand its research and development efforts.
Other cryptocurrency-related firms are also exploring public listings. Trading platform eToro announced on 12 February 2025 that it had confidentially submitted draft IPO plans to the SEC, with details on share quantities and pricing yet to be determined. BitGo, a crypto custody services provider, is reportedly in discussions about a public offering in the second half of the year, though no final decision has been made.
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