As filed with the U.S. Securities and Exchange Commission on September 11, 2025. Registration No. 333-285108 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 AMENDMENT NO. 5 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 incorporation or organization) (Primary Standard Industrial Classif ...

Technology & Infrastructure - Rollup tokens are being acquired for "zk exposure" (零知识证明)[1] - Cysic is shipping hardware capable of 1.31 million proofs per second, contradicting claims of impossibility [1] - Infrastructure layer is generating significant revenue [1] Challenges & Opportunities - High proof costs are impacting margins [1] - The industry is moving beyond application layer focus [1] - There's a shift from chasing AI agents to focusing on hardware solutions [1]