In the bustling metropolis of Singapore, where the air is thick with ambition and the scent of cryptocurrency wafts through the streets, a curious entity known as Bgin Blockchain Limited has decided to take the plunge into the murky waters of public offerings. Yes, dear reader, they are aiming to raise a staggering $50 million! Who knew mining rigs could be so lucrative? 💸
On the fateful day of February 21, a document was submitted to the US Securities and Exchange Commission, revealing that Bgin plans to offer approximately 59.54 million Class A ordinary shares and a modest 15.69 million Class B ordinary shares. They even have the audacity to apply for a listing on Nasdaq under the ticker “BGIN.” How original! 🎩
Now, the details of the pricing remain shrouded in mystery, much like the secrets of the universe. However, the investment advisory firm Renaissance Capital, with its crystal ball, predicts that this initial public offering (IPO) could indeed rake in a cool $50 million. What a delightful gamble! 🎲
This grand venture comes at a time when a veritable parade of crypto firms is preparing to strut their stuff on the public stage, all thanks to the recent electoral victory of Donald Trump, who has promised to sprinkle his fairy dust on the local crypto industry. How charming! 🧚♂️
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In the fiscal year of 2023, they proudly announced the sale of just under 68,000 rigs, and in the first half of 2024, they managed to sell over 47,000. Quite the industrious little bees, aren’t they? 🐝
Currently, Bgin hosts over 4,020 mining rigs for its eager customers, with 3,330 of these buzzing away in the fine states of Nebraska and Iowa. Meanwhile, their subsidiaries are operating a staggering 33,862 active mining rigs across the US, with an additional 12,000 non-operating rigs languishing in warehouses in the US and Hong Kong. Talk about a mining empire! 🏰
In the fiscal year of 2022, Bgin declared that they “generated substantially all of our revenue from cryptocurrency mining.” They also began selling their own-designed mining machines in April 2023, which contributed to over 85% of their revenues that year. A true entrepreneurial spirit! 💪
Ah, but the money raised from this public offering will not merely line their pockets; it will also be used to bolster their research and development efforts. How noble! 🧪
Meanwhile, other crypto-focused companies are also gearing up for their own potential IPOs. The crypto-friendly trading platform eToro has confidentially submitted draft plans to the SEC, with the number of shares and their price range still a mystery. How thrilling! 🎉
BitGo, the crypto custody services firm, is reportedly in talks for a public launch later this year, while the crypto exchange Gemini is also rumored to be in the IPO game. The excitement is palpable! 😲
Rumors of BitGo’s IPO were reignited when they launched a global over-the-counter (OTC) trading desk for crypto on February 19. CEO Mike Belshe, in a moment of clarity, stated that it is essential for crypto firms to go public “in order to address Wall Street.” How very insightful! 🧐
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2025-02-24 05:09