Core Viewpoint - An investigation has been announced regarding Bgin Blockchain Limited for potential violations of federal securities laws, indicating possible legal issues for the company and its investors [1]. Company Summary - Bgin Blockchain Limited (NASDAQ: BGIN) is under scrutiny for its compliance with federal securities regulations, which may affect its reputation and financial standing [1]. - Investors who have incurred losses in Bgin Blockchain Limited are encouraged to contact legal representatives to explore options for recovering their losses [1].

Core Viewpoint - The Law Offices of Frank R. Cruz is investigating Bgin Blockchain Limited for potential violations of federal securities laws following its Initial Public Offering on October 21, 2025 [1] Group 1 - The investigation is on behalf of investors who may have lost money on Bgin Blockchain Limited [1] - The company is listed on NASDAQ under the ticker symbol BGIN [1]

Core Viewpoint - BGIN BLOCKCHAIN LIMITED has appointed MaloneBailey, LLP as its new independent registered public accounting firm, effective December 12, 2025, replacing ZH CPA, LLC, to enhance its auditing capabilities in the cryptocurrency sector [1][2]. Group 1: Company Overview - BGIN BLOCKCHAIN LIMITED is a digital asset technology company specializing in proprietary cryptocurrency mining technologies and manufacturing cryptocurrency mining hardware [3]. - The company aims to make crypto mining accessible to a wide range of users, from beginners to large-scale industrial miners, by developing innovative products tailored to various market needs [3]. - BGIN designs and manufactures mining machines under its ICERIVER brand, providing operational flexibility through advanced mining infrastructure and hosting services [3]. Group 2: Accounting Firm Transition - The decision to engage MaloneBailey was made after a comprehensive evaluation process and received approval from the Audit Committee and the Board of Directors [2]. - MaloneBailey is recognized for its extensive experience in auditing companies within the cryptocurrency sector, which aligns with BGIN's long-term growth objectives [2]. - The company expressed gratitude to ZH CPA, LLC for their dedicated service over the past four years [2].

Core Insights - BGIN Blockchain Limited faced significant challenges in the first half of 2025 due to a sharp decline in the market price of KAS coin, impacting demand for its mining machines and overall revenue [2][3] - The company pivoted its strategy by reallocating resources from low-margin mining pool revenues to scaling self-mining operations, resulting in a 164% increase in mining revenue to $30.8 million [2][11] - Total revenues for 1H 2025 were $47.7 million, a substantial decrease from $144.5 million in the same period of 2024 [3][10] Financial Performance - Mining revenue increased by 164.4% year-over-year to $30.8 million, primarily due to expanded deployment of KAS mining machines [11] - Revenue from sales of mining machines dropped to $9.7 million from $94.9 million in 1H 2024, reflecting decreased demand due to lower KAS prices [11] - Hosting services revenue remained stable at $2.3 million, while mining pool revenue fell to $4.8 million from $35.8 million in 2024 due to strategic shifts [11] Cost and Profitability - Costs of revenue decreased by 9.6% to $54.0 million, driven by lower costs in mining machine sales and mining pool operations, but offset by increased self-mining costs [4] - The company reported a gross loss of $6.3 million in 1H 2025, a significant decline from a gross profit of $84.8 million in the same period of 2024 [5][10] - Operating costs surged by 582.8% to $55.1 million, primarily due to a non-cash impairment charge and increased research and development expenses [6] Net Income and Shareholder Impact - Basic and diluted net loss per share was $0.56 in 1H 2025, compared to a net income per share of $0.59 in the same period of 2024 [7][10] - The company’s liquidity position remains strong, with a focus on strategic capital allocation towards proprietary R&D and mining farm investments [2]

Core Insights - BGIN Blockchain Limited has announced the operational readiness of its first industrial-grade cryptocurrency mining hardware, the ALEO AE3 miner, designed for the ALEO network, focusing on high computational power and energy efficiency [1][2]. Mining Efficiency - The ALEO AE3 miner features a hashrate of 2 GH/s (±5%) and a power consumption of 3400W (±10%), achieving an energy efficiency rating of 1.70 J/M [2]. Reliability and Scalability - The ALEO AE3 miner is built to enterprise-grade standards, ensuring stable operation in demanding environments, with a compact design for easy deployment and management [3]. Availability and Pricing - The ALEO AE3 is available for pre-order at a price of $5,999 per unit, with shipping starting the week of November 10, 2025, for the first batch [4]. Company Overview - BGIN Blockchain Limited specializes in digital asset technology and cryptocurrency mining, focusing on innovative products for various market needs, from beginners to large-scale miners, under its ICERIVER brand [6].

Core Insights - BGIN Blockchain Limited is set to launch its BT1 series of Bitcoin mining machines in Q1 2026, marking a strategic expansion into the Bitcoin market leveraging its expertise in ASIC chip design [1][5] - The BT1 model has successfully entered the tape-out phase, a critical milestone in chip development, following the completion of design and simulation verification [2] - The BT1 series will utilize proprietary ASIC chips developed by BGIN's international R&D team, enhancing the company's capabilities in blockchain technology and electronics [3] Advanced Technology and Performance - The BT1 series is expected to deliver industry-leading efficiency and performance, building on the success of the KS7 model, which achieved a hash rate of up to 30 TH/s, doubling the performance of previous models [4] - The development of the BT1 series is seen as a pivotal moment in BGIN's growth trajectory, with the company aiming to provide efficient Bitcoin mining solutions [5] Product Portfolio and Market Position - The BT1 series will be part of BGIN's expanding portfolio of proprietary ICERIVER® mining solutions, which are designed to cater to various market needs from beginners to large-scale industrial miners [6]

Core Points - BGIN Blockchain Limited has successfully closed its initial public offering, raising US$30 million by offering 5,000,000 Class A ordinary shares at US$6.00 per share, with trading commencing on October 21, 2025 [1] - The company plans to utilize the net proceeds for the purchase and construction of mining farms, research and development of new proprietary chips for cryptocurrency mining machines, and general corporate purposes [1] Company Overview - BGIN Blockchain Limited is a digital asset technology company specializing in proprietary cryptocurrency-mining technologies, focusing on altcoins and leveraging its expertise in designing ASIC chips and mining machines [5] - The company's mission is to make crypto mining accessible to all by developing innovative products tailored to various market needs, from beginners to large-scale industrial miners [5] - BGIN designs and manufactures mining machines under the ICERIVER brand, providing operational flexibility through advanced mining infrastructure and hosting services [5] Offering Details - The offering was conducted on a firm commitment basis, with D. Boral Capital LLC serving as the sole book-running manager [2] - A registration statement on Form F-1 related to the offering was filed and declared effective by the U.S. Securities and Exchange Commission [3]

Core Viewpoint - Bgin Blockchain has successfully launched its IPO on NASDAQ, pricing shares at $6, raising $30 million, but experienced a 17.33% drop on the first trading day [1] Company Overview - Bgin Blockchain focuses on the production of alternative cryptocurrency mining equipment and has developed proprietary mining technology [1] - The company has shifted its revenue model, with mining machine sales becoming the primary source of income since April 2023, previously relying almost entirely on cryptocurrency mining [1] Product and Market - Bgin designs and sells mining machines equipped with its own 8nm or 12nm ASIC chips, targeting specific cryptocurrencies such as KAS, ALPH, and RXD [1] - Sales are conducted exclusively through the company's official website, with customers primarily located in Hong Kong, the United States, and Southeast Asia [1] Financial Performance - Bgin Blockchain, established in 2019, is projected to achieve revenues of $302 million for the 12 months ending December 31, 2024 [1]

Core Viewpoint - BGIN Blockchain Limited is set to launch its initial public offering (IPO) of 5,000,000 Class A ordinary shares at a price of US$6.00 per share, aiming to raise approximately US$30 million before expenses [1][2]. Group 1: Offering Details - The IPO is expected to close on or about October 22, 2025, subject to customary closing conditions [1]. - The underwriters have an over-allotment option to purchase up to 15% additional Class A ordinary shares within 45 days after the closing of the offering [1]. - The offering is being conducted on a firm commitment basis, with D. Boral Capital LLC serving as the sole book-running manager [2]. Group 2: Use of Proceeds - The net proceeds from the offering will be utilized for the purchase and/or construction of mining farms, research and development of new proprietary chips for cryptocurrency mining machines, and general corporate purposes [2]. Group 3: Company Overview - BGIN Blockchain Limited specializes in digital asset technology with proprietary cryptocurrency-mining technologies, focusing on altcoins and ASIC chip design [7]. - The company aims to make crypto mining accessible to a wide range of users, from beginners to large-scale industrial miners, through innovative products and advanced mining infrastructure [7].

As filed with the U.S. Securities and Exchange Commission on September 26, 2025. Registration No. 333-285108 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ________________ AMENDMENT NO. 6 TO FORM F-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 ________________ BGIN BLOCKCHAIN LIMITED (Exact name of registrant as specified in its charter) ________________ | Cayman Islands | 7374 | Not Applicable | | --- | --- | --- | | (State or other jurisdiction of | (Primary Standard ...