Through our operating subsidiaries, we are a digital asset technology company based in Singapore, Hong Kong and the U.S. with proprietary cryptocurrency-mining technologies. We were established as a cryptocurrency mining business in 2019. Given our limited financial resources at the time, we decided to focus on selected alternative cryptocurrencies as it was more cost effective. We leveraged our in-house technical expertise to design the software and the chips that could efficiently mine different types of cryptocurrencies that we focused on. This experience has built our understanding of how to approach designing appropriate software to address the Proof-of-Work (“PoW”) algorithms of various cryptocurrencies. Over time, we have scaled our business and presently operate through subsidiaries located in the United States, Hong Kong and Singapore. We primarily generate revenue from selling self-designed mining machines, conducting mining operations, operating mining pools, and providing mining machine hosting services to customers. Sales of mining machines contributed approximately 85.43% and 63.57% of our total revenue for the fiscal years ended December 31, 2023 and 2024, respectively. While our long-term strategic focus has always been on self-mining and generating service revenue from mining farms and mining pools, we recognized early on that other miners valued our proprietary chip design and mining machines. As an early-stage growth company, we recognized the opportunity to fund our growth strategy by exploiting this interest in our mining machines. We design our mining machines to address the needs the miners of all sizes. Different models of our machines cater to a diverse range of size segments: from small-scale models for home miners to industrial-scale machines tailored for mid-to-large mining enterprises. Our focus has always been on delivering cost effective and energy efficient machines. Our subsidiaries design and sell mining machines equipped with our proprietary ASIC chips under different series dedicated to the mining of KAS coins and ALEO coins, and, prior to March 2025, also ALPH coins and RXD coins. For the years ended December 31, 2023 and 2024, mining machine sales was the primary source of our revenue, representing 85.43% and 63.57% of our total revenue in the respective fiscal year. These machines are available for purchase only through our website: iceriver.io. Customers may view and place orders for machines they intend to purchase directly through the website, and have the option to enroll in our miner hosting services, through which we operate and manage mining machines on customers’ behalf in return for service fees. Customers purchasing machines sold by our subsidiaries are primarily based in Hong Kong, the U.S. and Southeast Asia. For the fiscal years ended December 31, 2023 and 2024, we sold an aggregate of 67,998 and 102,849 mining machines, respectively, to customers across the world. As of the date of this prospectus, we host a total of 1,773 machines on behalf of our customers, of which 1,198 are in operation at our mining farm located in York, Nebraska, and 575 are stored in our warehouse in Beatrice, Nebraska. KAS coin mining machines constitute 90.88% of our machine sales for the fiscal year ended December 31, 2024. There is increased competition in this segment due to an increasing number of KAS machines on the market launched by competitors, and we continually work on refining and developing newer, more efficient ASIC chips and mining machines to retain our status as a market leading brand. We strategically targeted developing an expertise in designing and developing ASIC chips for this cryptocurrency as the mining algorithm underlying this coin is similar to the algorithm utilized by Bitcoin. The experience and insights we have gained position us well to leverage our enhanced financial capacity to design, for our own use and for external sales, mining machines that can expand our business into mining larger cryptocurrencies such as Bitcoin if we decide to take this approach. As our subsidiaries produce cryptocurrencies through their mining operations, they exchange cryptocurrencies mined for fiat currency on a regular basis to generate cash flow to fund our subsidiaries’ business operations. We attribute our substantial growth in the cryptocurrency mining business since our inception to our strategic focus on selected alternative cryptocurrency mining. These selected alternative cryptocurrencies are generally considered to have more growth potential with higher risks compared to large-capitalization cryptocurrencies. To mitigate such risks and maximize profit potential, our subsidiaries adopt a flexible approach to mining operations by using their cloud-based mining machine management software to monitor mining results on a daily basis and, on an as-needed basis, adjust the ratio of cryptocurrencies to be mined. We believe that our innovative research and development capabilities are a key competitive strength as this has enabled us to design and deliver mining machines that are robust and come in various sizes to address the needs of various size segments of the mining industry. Users of our machines, including our subsidiaries, have the ability to conduct cryptocurrency mining with greater computing power and power efficiency while retaining the flexibility to select a machine size that suits their specific needs and storage facility specifications. Our subsidiaries fully rely on our self-designed mining machines for their daily cryptocurrency mining operations. To date, through our subsidiaries, we have designed 27 and put into use 14 different models of cryptocurrency mining machines, each specifically adapted and dedicated to mining a specific cryptocurrency. As of the date of this prospectus, our subsidiaries own a total of 72,825 mining machines for operation purposes, of which 10,180 are in operation, and 62,645 are not operated and are stored in mining farms and hosting facilities in the U.S., our warehouses in Hong Kong and Beatrice, Nebraska, or stored by our partner manufacturer in Malaysia. Through our subsidiaries, we currently manage and operate some of our mining machines in the U.S. at mining farms owned by our subsidiaries in Omaha, Nebraska and York, Nebraska. The remaining mining machines are hosted by third-party hosting service providers at two locations in the states of Texas and Ohio. As of the date of this prospectus, other than 324 mining machines located in our warehouse in Hong Kong and 26,584 mining machines stored by our partner manufacturer in Malaysia, all the mining machines owned by our subsidiaries are located in the U.S. We strive to continuously develop and implement technological improvement into our subsidiaries’ mining process. The technological cornerstone of our subsidiaries’ cryptocurrency mining operations is their proprietary cloud-based mining machine management software, which is used at all of the mining farms in which our subsidiaries maintain and operate mining machines, and allows them to make timely and informed decisions as to the use and management of their mining machines. Since September 2023, we have been providing mining pool services, which currently support five mineable cryptocurrencies, through which we generate income by receiving crypto coins as rewards and deducting a percentage of such rewards as pool fees from payouts to pool participants. For the fiscal years ended December 31, 2023 and 2024, the Company’s business operations were heavily dependent upon KAS coins. Our principal executive offices are located in Singapore.
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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.
- 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.
- 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.
- 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.
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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.
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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.
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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:
- 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.
- 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.
- 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.
- 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.
- 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.
