February 26, 2025
By Tsering Namgyal
There is a growing trend of blockchain firms raising capital on Wall Street to cash in on the crypto boom. The latest blockchain company to file for an IPO is a Singapore-based Bgin blockchain which is raising $50 million from an IPO. The filing was submitted to the U.S. Securities and Exchange Commission (SEC) on February 21.
Bgin plans to offer approximately 59.54 million Class A ordinary shares and 15.69 million Class B ordinary shares according to the registration statement. The company has also plans to to list its Class A shares on Nasdaq under the ticker symbol “BGIN”. The IPO is expected to generate $50 million, though the company did not reveal share pricing.
Established in 2019, Bgin Blockchain specializes in developing mining rigs for alternative cryptocurrencies such as Kaspa (KAS), Alephium (ALPH) and Radiant (RXD). According to public sources, the company sold nearly 68,000 mining rigs in fiscal year 2023 and more than 47,000 units in the first half of 2024. Bgin also operates over 4,020 mining rigs for clients, with 3,330 machines located in Nebraska and Iowa.
The company’s IPO ambitions is part of a broader trend in crypto-related IPOs in the US, particularly after the election of President Donald Trump, who has made no secret of his plans to turn the US into the crypto capital of the world.
Several crypto companies are reportedly preparing for public listings including Israeli social trading and asset management company eToro, crypto custodian BitGo, and crypto exchange Gemini.
About the author
Tsering Namgyal is the editor-in-chief of Blockwind News.
