Singapore’s Bgin Blockchain Files for U.S. IPO, Seeks $50M Raise

The crypto industry is making big moves, and Bgin Blockchain wants a piece of the action. The Singapore-based manufacturer of cryptocurrency mining rigs has officially filed for an initial public offering (IPO) in the United States.

With the filing submitted to the U.S. Securities and Exchange Commission (SEC) on February 21, 2025, all eyes are now on how much Bgin will raise – and what this could mean for the future of crypto IPOs.

Bgin’s IPO Could Raise $50 Million

Bgin has not yet disclosed the exact pricing of its offering. However, investment advisory firm Renaissance Capital estimated in a February 21 report that the IPO could raise up to $50 million.

Founded in 2019, Bgin focuses on alternative cryptocurrencies. It designs and sells mining rigs built for mining Kaspa (KAS), Alephium (ALPH), and Radiant (RXD).

In 2022, nearly all of Bgin’s revenue came from cryptocurrency mining. However, in April 2023, it began selling its own mining machines, which now contribute over 85% of its total revenue. The company plans to use part of the IPO funds to expand research and development.

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Crypto IPOs Gain Momentum in the U.S.

Bgin’s IPO is part of a rising trend of crypto firms going public in the U.S., especially after Donald Trump Donald Trump   Donald J. Trump is a US-based entrepreneur, Pro-crypto Politician, and the 45th and 47th President of the United States of America. He understands the importance and needs of the modern fintech world, and people look up to him as a dominant pro-crypto leader.   Quick Facts   Full name Donald John Trump Birth 14-06-1946, New York, United States Nationality American Education BS from the University of Pennsylvania Known For Businessman, Pro-Crypto Politician   Once doubtful about Bitcoindominance, he said in a tweet in 2019, “I am not a fan of Bitcoin", but now has a significant amount of cryptocurrency holdings in his kitty. He has also signed an Executive Order to establish a Strategic Bitcoin Reserve, which highlights his commitment to the future of cryptocurrency.   Donald Trump - Career Highlights & Events   2016 – Elected as the 45th President of the United States from the Republican Party.   2017 – Signed the Tax Cuts and Jobs Act, impacting investment environments   2019 – Criticized Bitcoin and Libra on X, dubbing them as "not money"   2024 – Campaign signals potential openness to crypto-friendly reforms   2025 –  Elected as the 47th President of the United States from the Republican Party.   A meme coin, $TRUMP, is associated with Donald Trump, which is listed on the Solana blockchain platform. His family also backs World Liberty Financial (WLF), a crypto venture.     President ’s election victory. Many expect his administration to create a more favorable environment for the crypto industry.

At the recent Ondo Summit, Galaxy Digital CEO Mike Novogratz predicted that several crypto firms could go public by May or June, citing improved relations with the SEC. On February 12, eToro revealed that it had submitted draft IPO plans to the SEC. Crypto custody firm BitGo is also reportedly considering an IPO this year, though no final decision has been made. Additionally, crypto exchange Gemini is said to be exploring a public listing in 2025.

Banks and Lawmakers Show Growing Interest in Crypto

Beyond IPOs, major banks are forming partnerships with crypto firms to integrate blockchain technology into their operations. Meanwhile, the U.S. Congress is setting up a crypto working group to develop policies that could provide regulatory clarity and encourage more crypto companies to go public.

The crypto industry is at a turning point, with more firms aiming for public listings, signaling that digital assets are becoming more accepted in mainstream finance. Successful IPOs like those of Exodus and Coinbase have set the stage, and upcoming offerings from BitGo, Circle, and eToro highlight the industry’s growing influence.

The future of crypto IPOs will depend on clearer regulations, increased institutional adoption, and evolving banking strategies.