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BGIN on Nasdaq

BGIN BLOCKCHAIN Ltd

BGIN BLOCKCHAIN Ltd is a finance services company in the Cayman Islands, listed on Nasdaq (BGIN).1

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Last updated Oct 21, 2026.

Overview

$67.4MRevenue, fiscal 20252
-$177.0MNet income, fiscal 20252

Compare with GPGI, Inc., Vulcan Infrastructure & Power Inc. or Marathon Digital Holdings, or pick any stock.

  • TickerBGIN on Nasdaq1
  • IndustryFinance Services1
  • HeadquartersE91
  • Incorporated inCayman Islands3
  • Business address#09 12 Paya Lebar Square, 60 Paya Lebar Road, Singapore, U0 4090513
  • Filer categoryNon-accelerated filer, Emerging growth company3

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BLOCKCHAIN LIMITED was incorporated under the laws of the Cayman Islands as our offshore holding company.4 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

-112.2%Gross margin2
-261.3%Operating margin2
-262.6%Net margin2
-77.7%Revenue growth, 20252
-324.7%Return on equity2
-$171.1MFree cash flow2

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Mining Revenue brought in 30% of the revenue BGIN BLOCKCHAIN Ltd broke down this way in fiscal 2025.

  1. Mining Revenue$42.9M230%down 5% from 2024
  2. block Rewards$37.9M226%down 62% from 2024
  3. Sale Of Mining Machines$15.3M210%down 92% from 2024
  4. Sales Of Mining Machines$15.3M210%down 92% from 2024
  5. Cryptocurrency Mining In Thirdparty Mining Pools$10.8M27%up 1792% from 2024
  6. Mining Pool$10.8M27%
  7. Mining Pool Revenue$5.9M24%down 90% from 2024
  8. Hosting Revenue$3.3M22%down 47% from 2024
  9. Hosting Services$3.3M22%down 47% from 2024
  10. Transaction Fees From Cryptocurrency Mining$193.2K20%down 96% from 2024
Products and services by year
Products and services202320242025
Mining Revenue$13.0M$45.0M$42.9M
block Rewards$36.5M$98.8M$37.9M
Sale Of Mining Machines$219.8M$192.2M$15.3M
Sales Of Mining Machines$219.8M$192.2M$15.3M
Cryptocurrency Mining In Thirdparty Mining Pools$509.9K$568.4K$10.8M
Mining Pool$10.8M
Mining Pool Revenue$24.0M$58.8M$5.9M
Hosting Revenue$482.2K$6.2M$3.3M
Hosting Services$482.2K$6.2M$3.3M
Transaction Fees From Cryptocurrency Mining$4.5M$193.2K

Business segments

Cryptocurrency Mining brought in 72% of the revenue BGIN BLOCKCHAIN Ltd broke down this way in fiscal 2025.

  1. Cryptocurrency Mining$48.8M272%down 53% from 2024
  2. Sale Of Mining Machines$15.3M223%down 92% from 2024
  3. Other Operating$3.3M25%down 47% from 2024
Business segments by year
Business segments202320242025
Cryptocurrency Mining$37.0M$103.9M$48.8M
Sale Of Mining Machines$219.8M$192.2M$15.3M
Other Operating$482.2K$6.2M$3.3M

Regions

HKMember brought in 88% of the revenue BGIN BLOCKCHAIN Ltd broke down this way in fiscal 2025.

  1. HKMember$13.5M288%down 79% from 2024
  2. United States$1.2M28%down 97% from 2024
  3. Rest of the world$628.5K24%down 96% from 2024
Regions by year
Regions202320242025
HKMember$66.5M$63.9M$13.5M
United States$41.1M$44.8M$1.2M
Rest of the world$9.8M$15.0M$628.5K

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue86¢$143.0M
  • Research and development12¢$20.2M
  • Income tax1¢$2.3M

Out of $67.4M in revenue.2 The company lost money this year.

Financial statements

Revenue2$67.4M in 2025−74% since 2023
0$100.0M$200.0M$300.0M$400.0M2023: $257.3M$257.3M20232024: $302.3M$302.3M2024+17%2025: $67.4M$67.4M2025−78%
Gross profit2-$75.6M in 2025
-$100.0M0$100.0M$200.0M2023: $199.2M$199.2M20232024: $127.7M$127.7M2024−36%2025: -$75.6M-$75.6M2025
Operating income2-$176.1M in 2025
-$200.0M-$100.0M0$100.0M$200.0M2023: $173.7M$173.7M20232024: $81.6M$81.6M2024−53%2025: -$176.1M-$176.1M2025
Net income2-$177.0M in 2025
-$200.0M-$100.0M0$100.0M$200.0M2023: $139.8M$139.8M20232024: $66.1M$66.1M2024−53%2025: -$177.0M-$177.0M2025

Every line of the income statement as filed: the last 3 fiscal years, latest first.2

Period ending2025-12-312024-12-312023-12-31
Total Revenue$67.4M$302.3M$257.3M
Total costs of revenues$143.0M$174.6M$58.1M
Gross (loss) profit-$75.6M$127.7M$199.2M
Selling expenses$393.5K$702.9K$1.1M
General and administrative$13.9M$7.2M$14.6M
Research and development$20.2M$16.4M$10.1M
Realized loss on future contracts$560.5K$726.7K
Rewards earned from crypto short-term investments (right to receive cryptocurrencies)-$438.3K-$3.7M
Change in fair value of cryptocurrencies$23.4M$8.4M-$312.7K
Impairment of property and equipment$42.6M$16.3M
Total operating costs and expenses$100.5M$46.1M$25.5M
(Loss) income from operations-$176.1M$81.6M$173.7M
Foreign exchange loss$189.5K$509.3K$131.4K
Interest income-$942.9K-$1.2M-$63.1K
Other (income) expenses, net-$729.5K$1.5M$26.1K
Total other (income) expenses-$1.5M$847.7K$94.3K
(Loss) income before provision for income taxes-$174.6M$80.8M$173.6M
Current income tax expenses$228.7K$16.8M$34.1M
Deferred income tax expense (recovery)$2.1M-$2.1M-$278.1K
Income tax expense$2.3M$14.6M$33.8M
Net (loss) income-$177.0M$66.1M$139.8M
Net (loss) income attributable to non-controlling interest-$95.0K$208.6K$52.6K
Net (loss) income attributable to ordinary shareholders-$176.9M$65.9M$139.7M
Total-$177.0M$66.1M$139.8M
Foreign currency translation adjustment - gain$870
Total comprehensive (loss) income-$177.0M$66.1M$139.8M
Comprehensive (loss) income attributable to non-controlling interest-$95.0K$208.6K$52.6K
Comprehensive (loss) income attributable to ordinary shareholders-$176.9M$65.9M$139.7M
Basic (losses) earnings per share attribute to BGIN BLOCKCHAIN LIMITED ordinary shareholders (in Dollars per share)-$1.62$0.61$1.30
Diluted (losses) earnings per share attribute to BGIN BLOCKCHAIN LIMITED ordinary shareholders (in Dollars per share)-$1.62$0.61$1.30
Weighted average number of Class A and Class B ordinary shares outstanding- Basic (in Shares)109.1M shares107.8M shares107.8M shares
Weighted average number of Class A and Class B ordinary shares outstanding- Diluted (in Shares)109.1M shares107.8M shares107.8M shares

Compare BGIN BLOCKCHAIN Ltd with another company

Corporate structure

BGIN BLOCKCHAIN Ltd sits at the top of its group. 1 entity, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of BGIN BLOCKCHAIN Ltd

  • Qingfeng Wu Filed SCHEDULE 13G on BGIN BLOCKCHAIN Ltd, latest Feb 17, 2026
  • Qiuhua Li Filed SCHEDULE 13G on BGIN BLOCKCHAIN Ltd, latest Feb 17, 2026
  • BGIN BLOCKCHAIN Ltd E9

Built from major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What BGIN BLOCKCHAIN Ltd reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, before depreciation$56.4M2 Dec 31, 2025$84.0M2 Dec 31, 2024−32.8%
Accumulated depreciation$29.1M2 Dec 31, 2025$12.2M2 Dec 31, 2024+137.9%
Property and equipment, net$27.3M2 Dec 31, 2025$71.7M2 Dec 31, 2024−61.9%
Operating-lease assets (leased space)$227.3K2 Dec 31, 2025$431.7K2 Dec 31, 2024−47.3%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$26.3M2 Dec 31, 2025$114.8M2 Dec 31, 2024−77.1%

Inventory

ItemLatestA year beforeChange
Inventory, total$7.8M2 Dec 31, 2025$12.5M2 Dec 31, 2024−37.2%
Raw materials$5.5M2 Dec 31, 2025$11.3M2 Dec 31, 2024−51.5%
Finished goods$2.4M2 Dec 31, 2025$1.2M2 Dec 31, 2024+96.6%

Leadership

Who has led BGIN BLOCKCHAIN Ltd, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Qingfeng Wu2026–now

Chief financial officer

  1. Zhao Xiang2026–now
Board members and other officers (9)

Timeline

  1. Mar 18, 2026New chief executive Qingfeng Wu becomes CEO5

Filings

79 filings to the SEC since October 2021: 1 annual reports, 12 insider forms, 2 large holders, 64 other. The latest 20:

  1. Sep 30, 2026S-8 REGISTRATION STATEMENT EDGAR
  2. Sep 25, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
  3. Sep 15, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
  4. Jun 9, 20263 EDGAR
  5. Jun 5, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
  6. May 26, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
  7. May 1, 20263 EDGAR
  8. Apr 28, 202620-F ANNUAL REPORT EDGAR
  9. Apr 24, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
  10. Apr 17, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
  11. Apr 13, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
  12. Mar 26, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
  13. Mar 18, 20263 EDGAR
  14. Mar 18, 20263 EDGAR
  15. Mar 18, 20263 EDGAR
  16. Mar 18, 20263 EDGAR
  17. Mar 18, 20263 EDGAR
  18. Mar 18, 20263 EDGAR
  19. Mar 18, 20263 EDGAR
  20. Mar 18, 20263 EDGAR

The 79 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

SEC filer profile

How BGIN BLOCKCHAIN Ltd is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARBGIN BLOCKCHAIN Ltd1
  • CIK0001945565
  • Filer statusNon-accelerated filer an emerging growth company; not a shell company4
  • Incorporated inCayman Islands4
  • Fiscal year endsDecember 311
  • Industry code (SIC)6199 Finance Services1
  • SEC reviewing officeOffice of Crypto Assets, Division of Corporation Finance1
  • Business address#09 12 Paya Lebar Square, 60 Paya Lebar Road, Singapore, U0 4090511
  • Phone65-9658 56811
  • Shares outstanding113,135,941 shares as of Dec 31, 20254
  • AuditorMaloneBailey, LLP, Houston, Texas PCAOB ID 206; no auditor attestation of internal control over financial reporting4
  • On EDGAR sinceSep 20, 20221
  • Filings79 in all: 6-K (14), 3 (12), UPLOAD (12), DRS/A (9), DRSLTR (9), F-1/A (6), CORRESP (5), FWP (2)1
    All 17 form types

    SCHEDULE 13G (2), 20-F (1), 424B4 (1), 8-A12B (1), CERT (1), DRS (1), EFFECT (1), F-1 (1), S-8 (1)

  • Latest filingsAnnual report (20-F) Apr 28, 2026

Securities registered for trading

ClassSymbolExchange
Class A Ordinary Shares, par value US$0.0000695652173913043 per shareBGINThe Nasdaq Stock Market

From the cover page of the 20-F filed Apr 28, 2026 (Section 12(b) of the Exchange Act).4

Sources

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