Bgin Blockchain, which makes equipment for cryptocurrency mining with a focus on alternative currencies, announced terms for its IPO on Thursday.
The Singapore-based company plans to raise $50 million by offering 6.3 million shares at a price range of $7 to $9. At the midpoint of the proposed range, Bgin Blockchain would command a market value of $652 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 was founded in 2019 and booked $392 million in revenue for the 12 months ended June 30, 2024. It plans to list on the Nasdaq under the symbol BGIN. Chardan Capital Markets and The Benchmark Company are the joint bookrunners on the deal.
