Core Insights - BGIN Blockchain Limited announced that its chairman Oisin Li and independent director Paul Tsang purchased additional Class A ordinary shares, indicating their confidence in the company's long-term prospects [1][2]. Share Purchases - Oisin Li acquired 60,000 Class A ordinary shares at an average price of US$3.7 per share, while Paul Tsang purchased 8,100 Class A ordinary shares at an average price of US$2.85 per share [2]. Company Strategy - Oisin Li expressed strong conviction in BGIN's direction and long-term potential, highlighting the company's strategy to become an infrastructure player within the Bitcoin ecosystem [3]. - The company aims to address a notable gap between current share prices and its anticipated long-term value [3]. Company Overview - BGIN Blockchain Limited is a digital asset technology company specializing in proprietary cryptocurrency mining technologies and manufacturing mining hardware [3]. - The company focuses on making crypto mining accessible to all, developing innovative products for various market needs, from beginners to large-scale industrial miners [3].

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 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 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].