Bgin Blockchain Ltd. (BGIN.US), which specializes in producing altcoin mining equipment, reduced the scale of its upcoming initial public offering (IPO) last Friday. In its latest filing, the company also disclosed annual financial data through December 31, 2024, and changed its lead underwriters from Chardan Capital Markets and The Benchmark Company to D. Boral Capital. The company's previous amended filing was submitted in March 2025.

The Singapore-based company now plans to raise $36 million through the issuance of 6 million shares, with an offering price range of $5 to $7 per share. The company previously planned to issue 6.25 million shares at a price range of $7 to $9 per share, but subsequently conducted a 1:1.4375 stock split. After adjusting for the split, the new offering terms represent a 33% reduction in the number of shares to be issued, while the midpoint of the offering price has increased by 8% compared to the previous terms.

Based on the midpoint of the revised offering price range, Bgin Blockchain Ltd.'s fundraising amount will be 28% lower than previously expected, while its market capitalization will reach $685 million (a 5% increase from the original terms).

Bgin Blockchain Ltd. is a digital asset technology company with proprietary cryptocurrency mining technology, strategically focused on alternative cryptocurrencies. The company's historical revenue came almost entirely from cryptocurrency mining operations, but since April 2023, mining machine sales have become its primary revenue source.

Through its operating subsidiaries, the company designs and sells mining machines equipped with Bgin's proprietary 8nm or 12nm ASIC chips. These devices belong to different series and are specifically designed for mining KAS, ALPH, and RXD coins. The equipment is sold exclusively through the company's official website to customers primarily located in Hong Kong, the United States, and Southeast Asia.

Currently, Bgin hosts 4,020 devices on behalf of customers, located in Nebraska and Iowa. Founded in 2019, Bgin Blockchain Ltd. achieved revenue of $302 million for the 12 months ended December 31, 2024. The company plans to list on NASDAQ under the ticker symbol "BGIN," with D. Boral Capital serving as the exclusive bookrunner for this IPO.