Bgin Blockchain Limited, a Singapore-based manufacturer of crypto mining rigs, has filed for an initial public offering (IPO) in the U.S., aiming to raise approximately $50 million. In its filing with the U.S. Securities and Exchange Commission, Bgin plans to offer about 59.54 million Class A ordinary shares and 15.69 million Class B ordinary shares, with intentions to list its Class A shares on Nasdaq under the ticker 'BGIN.' Founded in 2019, Bgin focuses on mining alternative cryptocurrencies like Kaspa, Alephium, and Radiant. The firm reported selling nearly 68,000 mining rigs in the 2023 fiscal year and currently hosts over 4,020 rigs across the U.S. Additionally, Bgin indicated that it generated most of its revenue from cryptocurrency mining, with sales of its mining machines contributing significantly in 2023. Proceeds from the IPO are expected to support increased research and development efforts. The filing comes amidst rising trends of crypto firms seeking public listings in the U.S.

Source đź”—