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 Trump is an American former president politician, businessman, and media personality, who served as the 45th president of the U.S. between 2017 to 2021. Trump earned a Bachelor of science in economics from the University of Pennsylvania in 1968. Trump won the 2016 presidential election as the Republican Party nominee against Democratic Party nominee Hillary Clinton while losing the popular vote. As president, Trump ordered a travel ban on citizens from several Muslim-majority countries, diverted military funding toward building a wall on the U.S.–Mexico border, and implemented a family separation policy. Trump has remained a prominent figure in the Republican Party and is considered a likely candidate for the 2024 presidential election 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.