A Singaporean crypto mining firm pivots from self-mining to ASIC sales as market eyes profitability over scale
Bgin Blockchain, a Singapore-based digital asset technology company, is pushing forward with its Nasdaq IPO under the symbol BGIN, despite scaling down its offering size by 28%. The company now seeks to raise $36 million by offering 6 million shares in a price range of $5 to $7, instead of the previously planned 6.3 million shares at $7 to $9. This revision reflects a more cautious tone amid shifting investor sentiment and tighter capital market conditions in the crypto sector.
The IPO comes at a pivotal moment for the industry. While Bitcoin’s halving and Ethereum’s roadmap dominate headlines, Bgin has quietly carved out a lucrative niche: high-performance equipment tailored to mining lesser-known but increasingly popular altcoins such as Kaspa (KAS), Alephium (ALPH) and Radiant (RXD). Its proprietary 8nm and 12nm ASIC chips, marketed under the ICERIVER series, have positioned the firm as a key player in the evolving infrastructure layer of crypto.
From miner to machine-maker: Bgin’s business model pivots
Founded in 2019, Bgin Blockchain originally operated as a cryptocurrency self-miner, generating a majority of its revenue by mining digital assets directly. However, since April 2023, the firm has strategically pivoted toward selling mining equipment, which now accounts for the bulk of its top-line performance. The company operates through a network of subsidiaries, designing, manufacturing, and distributing ASIC-powered mining machines via its proprietary e-commerce platform.
Bgin’s machines are purpose-built for efficiency, featuring ultra-low power consumption and optimized hashing algorithms tailored for altcoin mining. The machines are available exclusively through its website, with a customer base spanning Hong Kong, the U.S., and Southeast Asia. As of its most recent filing, the company hosts 4,020 mining rigs on behalf of clients, mostly located in the U.S. Midwest (Nebraska and Iowa).
This operational shift has proven fruitful. In the 12 months ending December 31, 2024, Bgin reported $302 million in revenue, according to its latest prospectus. According to further disclosures for the trailing twelve months ended June 30, 2024, revenues increased to $392 million, with net income reaching $202 million — an exceptional profitability margin relative to crypto peers.
Strategic downsizing: Market realities meet capital discipline
Despite these robust numbers, Bgin’s decision to lower its IPO deal size indicates awareness of market headwinds. The revised offering reduces the expected proceeds from approximately $50 million to $36 million, signaling a tactical recalibration aimed at minimizing dilution while gauging institutional appetite. D. Boral Capital now serves as the sole bookrunner, replacing earlier partners Chardan Capital and Benchmark Company — a sign of reshaped deal strategy and tighter underwriting alignment.
Notably, the firm is issuing dual-class stock (Class A and Class B), preserving voting control for insiders while offering public shareholders economic exposure. The IPO will list on the Nasdaq Global Market under ticker BGIN.
Industry observers suggest the IPO may be a bellwether for a broader wave of crypto infrastructure listings, with companies like Bitdeer and Stronghold Digital also testing public markets. Bgin’s emphasis on altcoin mining hardware could set it apart, especially as institutional interest in diversification beyond Bitcoin gains traction.
Governance upgrades and operational transparency
As part of its IPO preparation, Bgin has overhauled its board structure, appointing three new independent directors with expertise in risk management, blockchain innovation, and global finance. These include Paul Tsang, Talila Millman, and Boquan He, signaling a commitment to U.S. listing standards and investor confidence.
Additionally, the company maintains a hybrid treasury strategy. It currently holds up to 20% of net assets in USDT, while the rest remains in cold storage wallets or centralized exchanges located in the U.S. The firm recently lifted a daily cap of $100,000 in digital asset holdings, reflecting more aggressive liquidity management.
While this offers flexibility, it also introduces exposure to stablecoin depegging risks, especially given Tether’s opaque reserve structure. However, Bgin has emphasized its intent to reduce reliance on volatile crypto instruments over time.
Market outlook: A leveraged play on altcoin infrastructure
Bgin’s strategic focus on alternative cryptocurrency ecosystems may prove prescient. With Kaspa and Alephium showing signs of network growth and adoption, demand for niche mining solutions could accelerate. Moreover, retail and institutional miners alike are seeking ASICs that offer efficiency and coin-specific optimization — an area where Bgin appears to have first-mover advantage.
Still, risks abound. Regulatory uncertainty, especially in the U.S. and Southeast Asia, may affect supply chain resilience or demand projections. Additionally, the altcoin market remains volatile, with mining profitability subject to sudden shifts in coin economics or network difficulty levels.
Yet Bgin’s agile pivot from pure mining to diversified infrastructure revenue has placed it ahead of legacy players still tethered to Bitcoin. If its IPO proceeds are allocated efficiently toward R&D, logistics, and customer acquisition, Bgin could emerge as a durable supplier in the next phase of crypto scaling.
