BGIN Blockchain (BGIN)
Market Price (3/30/2026): $2.2 | Market Cap: $-Sector: Information Technology | Industry: Technology Hardware, Storage & Peripherals
BGIN Blockchain (BGIN)
Market Price (3/30/2026): $2.2Market Cap: $-Sector: Information TechnologyIndustry: Technology Hardware, Storage & Peripherals
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
| Megatrend and thematic driversMegatrends include Crypto & Blockchain. Themes include Blockchain Enterprise Solutions. | Weak multi-year price returns2Y Excs Rtn is -77%, 3Y Excs Rtn is -117% | Key risksBGIN key risks include [1] significant regulatory and geopolitical uncertainties tied to its Cayman Islands holding company structure with operations in Hong Kong, Show more. |
| Megatrend and thematic driversMegatrends include Crypto & Blockchain. Themes include Blockchain Enterprise Solutions. |
| Weak multi-year price returns2Y Excs Rtn is -77%, 3Y Excs Rtn is -117% |
| Key risksBGIN key risks include [1] significant regulatory and geopolitical uncertainties tied to its Cayman Islands holding company structure with operations in Hong Kong, Show more. |
Qualitative Assessment
AI Analysis | Feedback
1. Significant Decline in Financial Performance for 1H 2025.
BGIN Blockchain reported a substantial drop in total revenues to US$47.7 million for the first half of 2025, a considerable decrease from US$144.5 million in the same period of 2024. This was coupled with a gross loss of US$6.3 million, a sharp reversal from a gross profit of US$84.8 million in 1H 2024, continuing to negatively impact investor sentiment within the specified period.
2. Deterioration of Altcoin Mining Market and Decreased Machine Sales.
The company faced significant headwinds in the alternative cryptocurrency mining sector, largely due to a sharp decline in the market price of KAS coin. This directly led to a substantial decrease in demand for BGIN's mining machines, a historical primary revenue source, with sales revenue plummeting to US$9.7 million in 1H 2025 from US$94.9 million in 1H 2024.
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Stock Movement Drivers
Fundamental Drivers
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Market Drivers
11/30/2025 to 3/29/2026| Return | Correlation | |
|---|---|---|
| BGIN | -23.4% | |
| Market (SPY) | -5.3% | 22.9% |
| Sector (XLK) | -9.1% | 18.5% |
Fundamental Drivers
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Market Drivers
8/31/2025 to 3/29/2026| Return | Correlation | |
|---|---|---|
| BGIN | ||
| Market (SPY) | 0.6% | 22.0% |
| Sector (XLK) | -0.7% | 15.9% |
Fundamental Drivers
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Market Drivers
2/28/2025 to 3/29/2026| Return | Correlation | |
|---|---|---|
| BGIN | ||
| Market (SPY) | 9.8% | 22.0% |
| Sector (XLK) | 15.9% | 15.9% |
Fundamental Drivers
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Market Drivers
2/28/2023 to 3/29/2026| Return | Correlation | |
|---|---|---|
| BGIN | ||
| Market (SPY) | 69.4% | 22.0% |
| Sector (XLK) | 94.5% | 15.9% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| BGIN Return | - | - | - | - | -49% | -14% | -57% |
| Peers Return | 31% | -85% | 505% | 48% | 42% | 1% | 149% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | -5% | 72% |
Monthly Win Rates [3] | |||||||
| BGIN Win Rate | - | - | - | - | 0% | 33% | |
| Peers Win Rate | 44% | 33% | 67% | 47% | 62% | 40% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 33% | |
Max Drawdowns [4] | |||||||
| BGIN Max Drawdown | - | - | - | - | -51% | -14% | |
| Peers Max Drawdown | -31% | -87% | -1% | -41% | -44% | -12% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -5% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: RIOT, MARA, CLSK, CORZ, CIFR.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 3/27/2026 (YTD)
How Low Can It Go
BGIN has limited trading history. Below is the Information Technology sector ETF (XLK) in its place.
| Event | XLK | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -34.0% | -25.4% |
| % Gain to Breakeven | 51.6% | 34.1% |
| Time to Breakeven | 278 days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -31.5% | -33.9% |
| % Gain to Breakeven | 46.0% | 51.3% |
| Time to Breakeven | 79 days | 148 days |
| 2018 Correction | ||
| % Loss | -24.1% | -19.8% |
| % Gain to Breakeven | 31.8% | 24.7% |
| Time to Breakeven | 105 days | 120 days |
| 2008 Global Financial Crisis | ||
| % Loss | -53.6% | -56.8% |
| % Gain to Breakeven | 115.3% | 131.3% |
| Time to Breakeven | 1,183 days | 1,480 days |
Compare to RIOT, MARA, CLSK, CORZ, CIFR
In The Past
SPDR Select Sector Fund's stock fell -34.0% during the 2022 Inflation Shock from a high on 12/27/2021. A -34.0% loss requires a 51.6% gain to breakeven.
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Asset Allocation
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About BGIN Blockchain (BGIN)
AI Analysis | Feedback
Nvidia for cryptocurrency mining hardware.
Imagine Caterpillar, if they both manufactured heavy mining equipment and also ran their own large-scale mining operations.
AI Analysis | Feedback
- Self-designed Mining Machines: The company designs and sells proprietary ASIC mining machines for various cryptocurrencies like KAS and ALEO.
- Cryptocurrency Mining: BGIN Blockchain conducts its own mining operations to produce various alternative cryptocurrencies, which are regularly exchanged for fiat currency.
- Mining Machine Hosting Services: Customers can enroll in these services where BGIN operates and manages their mining machines in return for service fees.
- Mining Pool Services: The company provides mining pool services for multiple cryptocurrencies, earning income by deducting a percentage of the crypto rewards as pool fees.
AI Analysis | Feedback
BGIN Blockchain (symbol: BGIN) sells primarily to a diverse range of customers rather than a few major corporate clients. The company designs its mining machines to cater to "miners of all sizes," from "small-scale models for home miners to industrial-scale machines tailored for mid-to-large mining enterprises." Given the large volume of machines sold (over 100,000 in 2024) through its website (iceriver.io), it serves a broad and fragmented customer base. No specific company names are mentioned as major customers.
The company's primary customer categories are:
- Home/Small-Scale Miners: This category includes individual users or very small operations who purchase BGIN's smaller models of mining machines (e.g., KAS coin miners) for personal cryptocurrency mining. They are typically focused on cost-effectiveness and energy efficiency for limited setups.
- Mid-to-Large Mining Enterprises: These are businesses or entities that operate larger-scale cryptocurrency mining farms. They purchase BGIN's industrial-scale mining machines, often in larger quantities, to expand or establish their mining operations. Their priorities include high computing power, energy efficiency, and reliability for their business models.
- Customers of Hosting and Mining Pool Services: This category encompasses both individuals and businesses who either purchase BGIN's mining machines and opt for BGIN to host and manage these machines on their behalf, or who participate in BGIN's mining pools to combine their hashing power and earn cryptocurrency rewards. These customers seek convenience and operational support from BGIN.
AI Analysis | Feedback
nullAI Analysis | Feedback
Qingfeng Wu, Chief Executive Officer, Founder, Director
Background: Mr. Wu co-founded Bgin HK in March 2019 and has served as its director. He possesses over 15 years of experience in the electronic design industry, specializing in the design of complete electronic products. Prior to his current role, he was the general manager of Shenzhen Bgin since January 2018 and previously served as the manager of radio-frequency, hardware, and research and development department at Shenzhen Chenggu Technology Co., Ltd. from March 2012 to December 2017.
Zhao Xiang, Co-Chief Financial Officer
Background: Mr. Xiang has served as BGIN's co-chief financial officer since April 2022, bringing 12 years of experience in financial management. From November 2017 to April 2022, he was the Finance Manager and subsequently Finance Director at Shenzhen Likeshuo Network Technology Co., Ltd., which was a former variable interest entity of BTC Digital Ltd. (Nasdaq: BTCT).
Pengju Wang, Co-Chief Financial Officer
Background: Mr. Wang has served as BGIN's co-chief financial officer since April 2022. His experience includes serving as the Finance Manager of Shanghai Huishi Information Technology Co., Ltd. from July 2018 to March 2022, and as a treasury assistant at the financial department of Mr. Bricolage Group in France from April 2017 to October 2017.
Qi Shao, Chief Technology Officer
Background: Mr. Shao has served as the chief technology officer of Bgin HK since March 2019 and of Bgin since April 2022, where he is responsible for overseeing the development of proprietary technology and leading the research and development team. He has over 10 years of experience in electronics research and development, with expertise in blockchain and digital currency technology. Previously, he was the chief technology officer at Shenzhen Bgin from March 2018 to February 2019.
Qiuhua Li, Chairman of the Board of Director
Background: Mr. Li is a Co-Founder of BGIN Blockchain.
AI Analysis | Feedback
Key Risks for BGIN Blockchain (BGIN)
- Heavy Dependence on KAS Coin and KAS Mining Machine Sales: BGIN Blockchain's business operations and machine sales are overwhelmingly dependent on KAS coins. KAS coin mining machines constituted 90.88% of their machine sales for the fiscal year ended December 31, 2024, and the company explicitly stated its business operations were "heavily dependent upon KAS coins." Any significant adverse changes to the KAS coin's market value, mining profitability, or technological viability would severely impact the company's revenue from both machine sales and mining operations.
- Increased Competition in the KAS Mining Machine Market: The company faces increased competition in the KAS mining machine segment due to a growing number of KAS machines launched by competitors. This competition could threaten BGIN's market leading brand status, erode profit margins on machine sales, and reduce demand for their proprietary ASIC chips and mining machines.
- Exposure to Volatility and Higher Risks of Alternative Cryptocurrencies: BGIN strategically focuses on selected alternative cryptocurrencies, which are generally considered to have more growth potential but also carry higher risks compared to large-capitalization cryptocurrencies. This exposes the company's mining operations and the demand for its specialized mining machines to the inherent price volatility and other risks associated with these alternative digital assets.
AI Analysis | Feedback
Increased competition from other manufacturers launching KAS coin mining machines, threatening BGIN's market leading brand status in a segment that constitutes 90.88% of its machine sales for the fiscal year ended December 31, 2024.
AI Analysis | Feedback
BGIN Blockchain (symbol: BGIN) participates in several segments of the cryptocurrency mining industry. The addressable markets for its main products and services are as follows: * **Mining Machine Sales (Proprietary ASIC Chips for KAS and ALEO coins):** The global cryptocurrency mining hardware market, which includes ASIC miners like those produced by BGIN, was estimated to be between approximately USD 13.49 billion and USD 23.7 billion in 2024. This market is projected to grow to approximately USD 100.98 billion by 2035, exhibiting a compound annual growth rate (CAGR) of 20.08% from 2025 to 2035. More specifically, the global ASIC miners market was projected to reach USD 5.262 billion in 2024. Asia Pacific is predicted to hold a significant share of the ASIC miners market, around 40-45% by 2025, and North America is anticipated to hold approximately 30-35% of the global ASIC miners market by 2025. BGIN's customers are primarily based in Hong Kong, the U.S., and Southeast Asia, aligning with these significant regional markets. The U.S. cryptocurrency mining hardware market alone was valued at USD 6.5 billion in 2024. While specific market sizes for KAS coin and ALEO coin mining machines are not readily available, these products contribute to the overall ASIC miner and cryptocurrency mining hardware markets. * **Conducting Mining Operations (Self-Mining):** The global cryptocurrency mining market, which encompasses self-mining operations, was valued between USD 1.5 billion and USD 4.66 billion in 2024, with projections indicating significant growth. For instance, the market is projected to reach approximately USD 1.8 billion in 2025 and USD 3 billion by 2032. North America, particularly the U.S., is a dominant region, estimated to hold a 44.1% market share of the global cryptocurrency mining market in 2025. * **Operating Mining Pools:** While a direct market size for cryptocurrency mining pool services revenue is not specified, the global market for Bitcoin Miner for Mining Pool Service Providers, representing the hardware utilized by such services, was valued at USD 3.26 billion in 2024. This market is projected to grow to USD 4.38 billion in 2025 and USD 25.87 billion by 2032. This indicates a substantial underlying market for mining pool infrastructure and related services. * **Providing Mining Machine Hosting Services:** The remote hosting services segment, which includes mining machine hosting, is a significant component of the broader cryptocurrency mining market. This segment is estimated to contribute 43.2% of the global cryptocurrency mining market in 2025. Given that the global cryptocurrency mining market is estimated at approximately USD 2.44 billion in 2025, the addressable market for remote hosting services would be approximately USD 1.05 billion globally in 2025.AI Analysis | Feedback
Here are 3-5 expected drivers of future revenue growth for BGIN Blockchain (symbol: BGIN) over the next 2-3 years:
- Continued growth in sales of proprietary ASIC mining machines: BGIN Blockchain is committed to refining and developing newer, more efficient ASIC chips and mining machines, particularly for KAS coins, and aims to expand into designing machines for larger cryptocurrencies like Bitcoin for external sales. This focus on product innovation and market expansion for its core product line is expected to drive sustained revenue growth.
- Expansion of self-mining operations and diversification into larger cryptocurrencies: A long-term strategic focus for BGIN Blockchain is self-mining. The company intends to leverage its technical expertise and enhanced financial capacity to expand its own mining operations, specifically by designing and utilizing machines for mining larger cryptocurrencies such as Bitcoin. This strategic shift could lead to a significant increase in internally generated cryptocurrency assets and subsequent fiat currency conversions.
- Growth in mining machine hosting services: BGIN Blockchain offers customers the option to enroll in its miner hosting services, through which it operates and manages mining machines on customers’ behalf for service fees. As the company continues to sell more machines and expand its infrastructure, the recurring revenue from these hosting services is expected to grow.
- Increased adoption and expansion of mining pool services: Having launched mining pool services in September 2023, BGIN Blockchain generates income by receiving crypto coins as rewards and deducting a percentage as pool fees. As this service matures, supports more cryptocurrencies, and attracts a larger participant base, it is positioned to become a growing contributor to the company’s revenue streams.
AI Analysis | Feedback
```htmlCapital Expenditures
- BGIN Blockchain's capital allocation has primarily focused on the research, development, and design of proprietary ASIC chips and various models of cryptocurrency mining machines.
- Significant capital has been allocated to acquiring and operating a large fleet of self-designed mining machines for the company's own mining operations, with 72,825 machines owned as of the prospectus date.
- The company invests in developing and operating mining farms and hosting facilities in locations such as Omaha and York, Nebraska, to support its mining operations and provide hosting services to customers.
Trade Ideas
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Research & Analysis
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 10.73 |
| Mkt Cap | 4.5 |
| Rev LTM | 647 |
| Op Inc LTM | -337 |
| FCF LTM | -1,045 |
| FCF 3Y Avg | -828 |
| CFO LTM | -503 |
| CFO 3Y Avg | -265 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 48.0% |
| Rev Chg 3Y Avg | 91.2% |
| Rev Chg Q | 7.2% |
| QoQ Delta Rev Chg LTM | 1.6% |
| Op Mgn LTM | -70.4% |
| Op Mgn 3Y Avg | -63.5% |
| QoQ Delta Op Mgn LTM | -21.5% |
| CFO/Rev LTM | -88.5% |
| CFO/Rev 3Y Avg | -54.1% |
| FCF/Rev LTM | -144.5% |
| FCF/Rev 3Y Avg | -187.2% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 4.5 |
| P/S | 6.9 |
| P/EBIT | -7.0 |
| P/E | -6.8 |
| P/CFO | -4.8 |
| Total Yield | -14.8% |
| Dividend Yield | 0.0% |
| FCF Yield 3Y Avg | -24.3% |
| D/E | 0.5 |
| Net D/E | 0.2 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -12.4% |
| 3M Rtn | -10.4% |
| 6M Rtn | -30.4% |
| 12M Rtn | 46.6% |
| 3Y Rtn | 132.2% |
| 1M Excs Rtn | -9.0% |
| 3M Excs Rtn | -7.8% |
| 6M Excs Rtn | -26.5% |
| 12M Excs Rtn | 22.8% |
| 3Y Excs Rtn | 78.8% |
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| SUMMARY STATS | |||
| # Positive | 0 | 0 | 0 |
| # Negative | 0 | 0 | 0 |
| Median Positive | |||
| Median Negative | |||
| Max Positive | |||
| Max Negative | |||
Industry Resources
| Technology Hardware, Storage & Peripherals Resources |
| The Verge |
| TechRadar |
| Tom’s Hardware |
| PCMag |
| CNET |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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