Bgin Blockchain, which makes equipment for cryptocurrency mining with a focus on alternative coins, lowered the proposed deal size for its upcoming IPO on Friday. In its latest filing, the company also disclosed financials for the year ended December 31, 2024, and replaced bookrunners Chardan Capital Markets and The Benchmark Company with D. Boral Capital. Its last amendment was filed in March 2025.
The Singapore-based company now plans to raise $36 million by offering 6 million shares at a price range of $5 to $7. The company had previously filed to offer 6.25 million shares at a range of $7 to $9, though it undertook a 1:1.4375 share split since then. On a split adjusted basis, its new terms amount to a 33% decrease in shares offered, and an 8% increase in the proposed offer price at the midpoint.
At the midpoint of the revised range, Bgin Blockchain will raise 28% less in proceeds than previously anticipated and command a market value of $685 million (+5% vs. original terms).
Bgin Blockchain is a digital asset technology company with proprietary cryptocurrency mining technologies and a strategic focus on alternative cryptocurrencies. The company previously generated substantially all of its revenue from cryptocurrency mining, but since April 2023, sales of mining machines has become its primary source of revenue. Through its operating subsidiaries, the company designs and sells mining machines equipped with Bgin's proprietary 8nm or 12nm ASIC chips under different series dedicated to the mining of KAS coins, ALPH coins, and RXD coins. These machines are available for purchase only through its website. Customers are primarily based in Hong Kong, the US, and Southeast Asia. Bgin currently hosts a total of 4,020 machines (located in Nebraska and Iowa) on behalf of its customers.
Bgin Blockchain was founded in 2019 and booked $302 million in revenue for the 12 months ended December 31, 2024. It plans to list on the Nasdaq under the symbol BGIN. D. Boral Capital is the sole bookrunner on the deal.
