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Here are 1-3 brief analogies for BGIN Blockchain:

• AWS for blockchain solutions
• Oracle for enterprise blockchain
• SAP for blockchain business applications

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Major products and services for BGIN Blockchain (BGIN):

• Digital Asset Mining: BGIN operates large-scale data centers to engage in the energy-intensive process of solving complex cryptographic puzzles, primarily for mining new Bitcoin and other cryptocurrencies.
• High-Performance Computing (HPC) Services: The company leverages its robust data center infrastructure to provide high-performance computing resources to clients for demanding applications such as artificial intelligence, machine learning, and data analytics.

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BGIN Blockchain Corp. (symbol: BGIN) primarily sells its blockchain technology solutions and services to **other companies (B2B)** and **government agencies (B2G)**. The company's business model focuses on providing enterprise-level blockchain infrastructure, smart contract development, decentralized application (dApp) development, and related consulting services to organizations looking to integrate blockchain technology.

However, BGIN Blockchain Corp. does not publicly disclose the names of specific major customers that account for a significant portion of its revenue in its SEC filings or other public investor materials. Its customer base is generally described as comprising various enterprises (businesses) and government entities seeking to leverage blockchain technology for their operations rather than having a few dominant, publicly named customers.

Therefore, while the company sells primarily to other companies and government agencies, specific named major customer companies and their symbols are not publicly available.

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Qingfeng Wu, Chief Executive Officer and Director

Mr. Qingfeng Wu, also known as Allen, is a Co-Founder of Bgin Blockchain Limited and has served as its Chief Executive Officer and Director since April 2022. He co-founded Bgin HK in March 2019.

Zhao Xiang, Co-Chief Financial Officer

Mr. Zhao Xiang serves as a Co-Chief Financial Officer for Bgin Blockchain Limited.

Pengju Wang, Co-Chief Financial Officer

Mr. Pengju Wang serves as a Co-Chief Financial Officer for Bgin Blockchain Limited.

Qiuhua Li, Chairman of the Board of Directors and Director

Mr. Qiuhua Li is a Co-Founder and serves as the Chairman of the Board of Directors for Bgin Blockchain Limited.

Qi Shao, Chief Technology Officer

Mr. Qi Shao serves as the Chief Technology Officer for Bgin Blockchain Limited.

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The key risks to BGIN Blockchain's business include the inherent volatility of cryptocurrency markets, significant regulatory and geopolitical uncertainties, and potential issues with financial transparency due to its holding company structure and "emerging growth company" status.

1. Market Price Volatility of Cryptocurrencies: BGIN's business is heavily exposed to the volatile prices of cryptocurrencies, particularly alternative cryptocurrencies (altcoins) like Kaspa (KAS coin), which are considered to have higher risks than larger-capitalization cryptocurrencies. A decline in cryptocurrency markets and falling KAS coin prices have already resulted in substantial revenue pressure and a significant drop in both mining machine sales and mining pool revenue for BGIN in the first half of 2025.
2. Regulatory and Geopolitical Risks: The company, a Cayman Islands-based holding entity, conducts a significant portion of its operations through subsidiaries in Hong Kong. BGIN explicitly states that "uncertainties regarding the interpretation and enforcement of laws in Mainland China... could result in a material adverse change to our business operations... and cause the Class A ordinary shares to significantly decline in value or become worthless." This layered corporate structure, reliant on cash flows from subsidiaries in jurisdictions with potentially fluid regulatory frameworks, introduces considerable regulatory and operational risk.
3. Financial Transparency and Holding Company Structure: As an "emerging growth company" under U.S. federal securities laws, BGIN is subject to reduced disclosure obligations, meaning investors may not have access to the same level of detailed financial information as with more established public companies. Additionally, investors in BGIN's Class A shares own equity in the Cayman Islands-based parent company, not directly in its operational subsidiaries. The parent company's ability to receive dividends and cash flows from these subsidiaries can be significantly affected by regulations in places like Hong Kong and mainland China, adding a layer of operational and regulatory risk.

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The emergence of integrated, user-friendly Web3 platforms and "super-apps" that abstract away the current complexities of blockchain interaction for mainstream users. Similar to how Apple's iPhone disrupted BlackBerry by offering a superior and integrated user experience, or how Netflix disrupted Blockbuster by simplifying access to content, a new generation of Web3 platforms is emerging. These platforms aim to provide vastly improved user experience, simplified self-custody (e.g., account abstraction, social recovery wallets), seamless cross-chain interoperability, and consolidated access to decentralized applications and services. This development seeks to make interacting with blockchain technology as intuitive as using Web2 applications, removing the need for users to manage seed phrases, understand gas fees, or navigate multiple fragmented services. This fundamental shift towards greater usability and integration could disrupt blockchain companies, like BGIN, whose current offerings rely on or are designed within the context of the existing, more complex Web3 user journey, potentially rendering their specialized solutions less competitive or even obsolete for a mainstream audience.

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BGIN Blockchain (symbol: BGIN) operates in several segments within the digital asset technology and blockchain sectors. The addressable markets for their main products and services are global.

• ASIC Mining Machinery Sales and R&D: BGIN designs and sells mining machines equipped with proprietary ASIC chips under its ICERIVER brand, primarily focusing on alternative cryptocurrencies. The global ASIC Bitcoin Mining Hardware Market, which includes specialized hardware for cryptocurrency mining, was valued at approximately USD 11.41 billion in 2025 and is projected to reach USD 27.85 billion by 2035, with a compound annual growth rate (CAGR) of 8.9% during that period. Another estimate places the global ASIC Bitcoin Mining Hardware Market size at USD 9.21 billion in 2024, expected to grow to USD 26.74 billion by 2031, at a CAGR of 22.3%. More broadly, the Cryptocurrency Mining Hardware Market size is forecast to increase by USD 19.77 billion, at a CAGR of 14.2% between 2024 and 2029.

• Self-Operated Cryptocurrency Mining and Mining Machine Hosting Services: These activities fall under the broader global cryptocurrency mining market. This market was estimated at USD 1.55 billion in 2024 and is expected to reach USD 2.83 billion by 2032, growing at a CAGR of 7.8% from 2025 to 2032. Another report indicates that the Cryptocurrency Mining Market grew from USD 3.10 billion in 2024 to USD 3.39 billion in 2025 and is expected to expand at a CAGR of 9.41% through 2030, reaching USD 5.33 billion. Some forecasts predict the market to reach USD 14.09 billion by 2035 with a CAGR of 10.57% from 2024. Within this market, "Hosting Services" are a specified segment.

• Blockchain Infrastructure Development, Trading, and Technology Services: These services are part of the broader global blockchain technology market. The global blockchain technology market was valued at USD 18.3 billion in 2024 and is estimated to grow at a CAGR of 53.6% between 2025 and 2034, potentially reaching USD 1.41 trillion by 2034. Other estimates for the global blockchain market indicate a value of USD 31.28 billion in 2024, projected to reach USD 1,431.54 billion by 2030, with a CAGR of 90.1% from 2025 to 2030. The Blockchain-as-a-Service (BaaS) market, a relevant sub-segment that allows organizations to build and manage blockchain applications without maintaining their own infrastructure, was valued at USD 3.25 billion in 2024 and is projected to reach USD 199.15 billion by 2033, growing at a CAGR of 58% from 2025 to 2033.

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Here are the expected drivers of future revenue growth for BGIN Blockchain (symbol: BGIN) over the next 2-3 years:

1. Expansion into Bitcoin Mining Hardware Market: BGIN Blockchain is strategically expanding into the Bitcoin mining market with the planned launch of its BT1 series mining machines in early 2026. This new product line, leveraging the company's expertise in ASIC chip design, is expected to drive significant revenue growth by tapping into the larger Bitcoin mining ecosystem.
2. Growth in Sales of Cryptocurrency Mining Machines for Altcoins: Historically, and increasingly since April 2023, the sale of mining machines for various altcoins (such as KAS, ALPH, and RXD) has become BGIN's primary source of income. Continued innovation and demand for its self-developed ASIC chip-equipped mining machines, sold under the ICERIVER brand, are anticipated to fuel sustained revenue growth.
3. Expansion of Mining Infrastructure and Hosting Services: A portion of the proceeds from BGIN's recent IPO is earmarked for the expansion of its mining infrastructure. This expansion will likely lead to increased capacity for both self-mining operations and the provision of miner hosting services to clients, contributing to revenue growth through mining rewards and service fees.
4. Development of Proprietary Blockchain Platforms and Value-Added Services: BGIN Blockchain aims to develop proprietary blockchain platforms and offer value-added services. These initiatives, supported by IPO funding, represent potential new revenue streams as the company broadens its offerings beyond hardware sales and basic mining operations.
5. Strategic Partnerships and Geographic Market Expansion: The company's strategic objectives include fostering strategic partnerships in international markets, complementing its existing operations in Singapore, Hong Kong, the United States, and Southeast Asia. Expanding its reach and forming new alliances could open up new customer bases and revenue opportunities.

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Share Issuance

• BGIN Blockchain Limited priced its initial public offering (IPO) at $6.00 per share in October 2025.
• The company offered 5 million Class A ordinary shares in its IPO, generating approximately $30 million in gross proceeds.
• Underwriters were granted a 45-day option to purchase up to an additional 15% of Class A ordinary shares at the offering price.

Inbound Investments

• The company raised $30 million in gross proceeds through its initial public offering in October 2025.

Capital Expenditures

• BGIN plans to use the net proceeds from its IPO for purchasing and constructing mining farms.
• Proceeds are also allocated for research and development of proprietary cryptocurrency mining chips.
• In the last 12 months, capital expenditures for the company amounted to -$12.97 million.