Bgin Blockchain, which makes equipment for cryptocurrency mining with a focus on alternative coins, raised $30 million by offering 5 million shares at $6, the midpoint of the range of $5 to $7. The company offered 1 million fewer shares than anticipated. At pricing, Bgin Blockchain commands a market cap of $679 million.
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 plans to list on the Nasdaq under the symbol BGIN. D. Boral Capital acted as sole bookrunner on the deal.
