Bgin Blockchain Limited, a Singapore-based manufacturer of cryptocurrency mining rigs, has filed for an initial public offering (IPO) in the United States. The filing was submitted to the U.S. Securities and Exchange Commission (SEC) on February 21, 2025.
While Bgin hasn’t revealed the exact pricing for its offering, investment advisory firm Renaissance Capital has suggested in a February 21 note that the IPO could potentially raise up to $50 million.
Bgin’s Joins Crypto Firms Going Public
According to Bgin’s registration statement, the company was founded in 2019 with a focus on alternative cryptocurrencies. It designs and sells crypto mining rigs specifically built for mining Kaspa (KAS), Alephium (ALPH), and Radiant (RXD).
In the 2022 fiscal year, Bgin reported that nearly all of its revenue came from cryptocurrency mining. It also began selling its own mining machines in April 2023, which now account for over 85% of its revenue. The company plans to use some of the funds from its public offering to boost its research and development efforts.
Its interesting to note that Bgin’s upcoming IPO is part of a larger trend of crypto companies planning to go public in the U.S. This surge follows Donald Trump’s election win, with many expecting that his support will give a major boost to the local crypto industry.
More IPO’s Coming Up!
Recently, at the recent Ondo Summit, Galaxy Digital CEO Mike Novogratz predicted that several crypto firms could go public by May or June, citing a more favorable environment with the SEC. eToro revealed on February 12 that it had submitted draft plans to the SEC relating to a proposed IPO. Further, BitGo, a crypto custody services firm, is reportedly in talks for a possible IPO later this year, though no decision has been made yet. The crypto exchange Gemini is also said to be considering an IPO as soon as this year.
Besides, Major banks are also exploring partnerships with crypto firms to bring blockchain technology into their operations. The U.S. Congress is setting up a crypto working group to create policies that help digital assets grow. This could bring clearer rules and encourage more companies to go public.
The crypto industry is at the crucial moment, with more companies aiming for public listings, signaling that digital assets are gaining mainstream acceptance.
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The successful IPOs of Exodus and Coinbase have paved the way, and upcoming offerings from BitGo, Circle, and eToro show how crypto is making its mark in traditional finance. The future of crypto IPOs will be shaped by clearer regulations, growing institutional adoption, and new banking strategies.
