olivLaw · US equity research
BGIN BLOCKCHAIN Ltd BGIN
Finance Services · SIC 6199 · Vertical: Finance Services (SIC 6199)
BGIN BLOCKCHAIN Ltd designs and sells ASIC mining machines and operates mining and hosting services in the United States, Hong Kong and Singapore. In its latest reported year, revenue fell sharply and the company moved from profit to a large loss, as KAS prices dropped and machine sales slowed. Revenue for fiscal 2025 was 67.4 million USD, with a net loss of 177.0 million USD.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, BGIN BLOCKCHAIN Ltd (BGIN) stock was 1.80 USD (+1.98% on the day), with market capitalisation 203.6 m USD, dividend yield 1.99%, beta 1.49, 52-week range 1.70–4.09 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 43.3
- weak (30–45)
- Bollinger (20, 2)
- 1.61 – 2.18
- in the lower half of the band · %B 0.33 · band width 30.2%
- SMA 50 / 200
- 1.97 / 2.52
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.08 / -0.07
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −26.5% | −1.1% | −25.4 pp | — |
| 3 months | +5.9% | −0.5% | +6.3 pp | — |
| 6 months | −55.6% | +4.4% | −59.9 pp | — |
| Year to date | −28.3% | +12.3% | −40.6 pp | — |
| 1 year | −56.1% | +13.5% | −69.6 pp | −48.5% |
| 3 years | unavailable | +76.4% | unavailable | −74.4% |
| 5 years | unavailable | +63.7% | unavailable | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 257.3 m | 302.3 m | 67.4 m |
| Revenue YoY | unavailable | +17.5% | −77.7% |
| Net income | 139.8 m | 66.1 m | -177.0 m |
| Net income YoY | unavailable | −52.7% | −367.5% |
| Diluted EPS | 1.30 | 0.61 | -1.62 |
| Diluted EPS YoY | unavailable | −53.1% | −365.6% |
| net % | 54.3% | 21.9% | -262.6% |
| Free cash flow | -38.0 m | -212.3 m | -171.1 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 26.3 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 54.7 m USD
- Total assets
- 92.8 m USD
- Debt / equity
- unavailable
- Current ratio
- 1.68x
- ROE
- -133.6%
- ROA
- -97.3%
- FCF margin
- -253.8%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 257.3 m | 302.3 m | 67.4 m | SEC (XBRL)· 28 Apr 2026verified |
| Cost of revenue | 58.1 m | 174.6 m | 143.0 m | SEC (XBRL)· 28 Apr 2026verified |
| Gross profit | 199.2 m | 127.7 m | -75.6 m | SEC (XBRL)· 28 Apr 2026verified |
| Research & development | 10.1 m | 16.4 m | 20.2 m | SEC (XBRL)· 28 Apr 2026verified |
| Operating income | 173.7 m | 81.6 m | -176.1 m | SEC (XBRL)· 28 Apr 2026verified |
| Pre-tax income | 173.6 m | 80.8 m | -174.6 m | SEC (XBRL)· 28 Apr 2026verified |
| Income tax | 33.8 m | 14.6 m | 2.3 m | SEC (XBRL)· 28 Apr 2026verified |
| Net income | 139.8 m | 66.1 m | -177.0 m | SEC (XBRL)· 28 Apr 2026verified |
| Diluted EPS | 1.30 | 0.61 | -1.62 | SEC (XBRL)· 28 Apr 2026verified |
| Weighted average diluted shares | 107.8 m | 107.8 m | 109.1 m | SEC (XBRL)· 28 Apr 2026verified |
| Dividend per share | — | — | 0.04 | SEC (XBRL)· 28 Apr 2026derived |
Balance sheet · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 46.7 m | 114.8 m | 26.3 m | SEC (XBRL)· 28 Apr 2026verified |
| Receivables | — | — | 9.5 k | SEC (XBRL)· 28 Apr 2026verified |
| Inventories | — | 12.5 m | 7.8 m | SEC (XBRL)· 28 Apr 2026verified |
| Current assets | — | 194.7 m | 63.9 m | SEC (XBRL)· 28 Apr 2026verified |
| Property, plant & equipment, net | — | 71.7 m | 27.3 m | SEC (XBRL)· 28 Apr 2026verified |
| Total assets | — | 270.8 m | 92.8 m | SEC (XBRL)· 28 Apr 2026verified |
| Accounts payable | — | 7.2 m | 3.3 m | SEC (XBRL)· 28 Apr 2026verified |
| Current liabilities | — | 60.6 m | 38.0 m | SEC (XBRL)· 28 Apr 2026verified |
| Total liabilities | — | 60.7 m | 38.1 m | SEC (XBRL)· 28 Apr 2026verified |
| Equity | 148.9 m | 210.1 m | 54.7 m | SEC (XBRL)· 28 Apr 2026verified |
| Shares outstanding at year end | — | — | 113.1 m | SEC (XBRL)· 28 Apr 2026verified |
Cash flow · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | -31.3 m | -199.3 m | -166.9 m | SEC (XBRL)· 28 Apr 2026verified |
| Capex | 6.7 m | 13.0 m | 4.2 m | SEC (XBRL)· 28 Apr 2026verified |
| Free cash flow | -38.0 m ≈ | -212.3 m ≈ | -171.1 m ≈ | SEC (XBRL)· 28 Apr 2026derived |
| Investing cash flow | 77.7 m | 268.0 m | 55.5 m | SEC (XBRL)· 28 Apr 2026verified |
| Financing cash flow | -361.6 k | -538.7 k | 22.8 m | SEC (XBRL)· 28 Apr 2026verified |
| Dividends paid | — | — | 4.1 m | SEC (XBRL)· 28 Apr 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 4 of at least 6
- score weight coverage: 25.0% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 203.6 m USD
Key indicators
Coverage and freshness
Score by group
25% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 0.47 – 0.63 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)0.47 – 0.63 (Mid 0.54)
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 4 of at least 6; score weight coverage: 25.0% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -262.6% | 31 (vs peers) | 25% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 1.7x | 73 (on a fixed band) | 17% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -84.0% | 0 (on a fixed band) | 33% |
| Shareholder yield (distributions) · Returns | 2.0% | 28 (on a fixed band) | 25% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial73/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial31/100 · 1/3 factors with a value
- Returns· partial28/100 · 1/2 factors with a value
- Valuation· partial0/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
BGIN BLOCKCHAIN LIMITED (BGIN). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 67.4 m USD in 2025; YoY growth -77.7%; net margin -262.6%; ROE -134.0%.
The estimated value range is 0.47–0.63 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 0.54 USD, the price of 1.80 USD leaves a potential of -70.0% (value / price − 1) and a margin of safety of -233.5% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 25.0% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 1.7x
What contradicts it
- FCF yield: -84.0%
- Shareholder yield (distributions): 2.0%
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, P/E (TTM), EV/EBITDA, Payout ratio (FCF).
Versus the vertical median
Finance Services (SIC 6199) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| AXPAmerican Express Co | 223.0 bn | 18.7 | 35.9% | 27.9% | +6.4% | −9% / +95% |
| COINCoinbase Global, Inc. | 40.1 bn | — | -4.7% | -12.5% | +9.4% | −44% / +21% |
| SOFISoFi Technologies, Inc. | 22.4 bn | 36.3 | 7.1% | 104.3% | +23.1% | −42% / +138% |
| IRENIREN Limited | 7.8 bn | — | -23.4% | -99.4% | +41.1% | −55% / +340% |
| HUTHut 8 Corp. | 5.9 bn | — | -34.5% | -169.8% | +44.8% | +9% / +415% |
| BLSHBullish | 3.5 bn | — | -27.3% | -0.3% | −2.2% | −47% / unavailable |
| PURRHyperliquid Strategies Inc | 1.9 bn | 3.0 | 32.6% | 3,229.8% | unavailable | unavailable / unavailable |
| CLSKCleanSpark, Inc. | 1.7 bn | — | -68.6% | -130.2% | +102.2% | −55% / +9% |
| WLTHWealthfront Corporation | 1.7 bn | — | -20.5% | -19.4% | +18.2% | unavailable / unavailable |
| BTDRBitdeer Technologies Group | 1.5 bn | — | -196.7% | -171.3% | −5.1% | −51% / +45% |
| AMBRAmber International Holding Limited | 865.0 m | — | -116.1% | -88.7% | −9.0% | −27% / −51% |
| CDChaince Digital Holdings Inc. | 741.4 m | — | -12.3% | -182.5% | +277.9% | −30% / +622% |
| TRONTron Inc. | 664.1 m | 96.8 | 3.8% | 135.6% | +10.0% | −24% / −48% |
| JFU9F Inc. | 536.7 m | 23.2 | 4.7% | 125.2% | +12.2% | −52% / −43% |
| ABTCAmerican Bitcoin Corp. | 516.7 m | 7.5 | -10.5% | -26.7% | +158.8% | −90% / −99% |
| ORBSEightco Holdings Inc. | 340.9 m | — | -157.0% | -1,260.9% | −16.8% | −70% / −74% |
| CHADDefi Development Corp. | 310.0 m | — | -589.3% | -1,319.5% | +442.3% | unavailable / unavailable |
| CPSSConsumer Portfolio Services, Inc. | 221.6 m | 9.9 | 7.5% | 5.0% | +10.4% | +23% / +7% |
| DGXXDigi Power X Inc. | 217.0 m | — | -24.7% | -114.8% | −7.6% | −48% / +50% |
| BGINBgin Blockchain Limited | 203.6 m | — | -134.0% | -262.6% | −77.7% | −56% / unavailable |
| TONXTon Strategy Company | 159.7 m | — | -75.5% | -532.8% | +1,327.8% | −15% / −93% |
| DEFTDefi Technologies Inc. | 152.4 m | 2.3 | 74.0% | 62.9% | +215.5% | −74% / unavailable |
| HSDTSolana Company | 127.0 m | — | -183.2% | -1,302.8% | +1,057.1% | −49% / −100% |
| AGPUAxe Compute Inc | 86.2 m | — | -1,565.2% | -7,769.8% | +47.7% | +24% / −85% |
| MGLDThe Marygold Companies, Inc. | 84.1 m | — | -20.7% | -17.3% | +8.0% | +93% / +91% |
1- and 3-year price returns: for BGIN from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 28 Apr 2026; since then the company filed 6-K (25 Sept 2026), 6-K (15 Sept 2026), 6-K (05 Jun 2026), 6-K (26 May 2026).
In brief
BGIN BLOCKCHAIN Ltd designs and sells ASIC mining machines and operates mining and hosting services in the United States, Hong Kong and Singapore. In its latest reported year, revenue fell sharply and the company moved from profit to a large loss, as KAS prices dropped and machine sales slowed 1. Revenue for fiscal 2025 was 67.4 million USD, with a net loss of 177.0 million USD 1.
SWOT
Strengths
- The company has in-house research and development for ASIC chips and mining management software, which lets it adjust operations daily 1.
- Its portfolio of self-designed machines covers several coins, and it has developed a prototype for Bitcoin mining 1.
- US operations offer a regulatory environment the company considers more predictable than China's 1.
Weaknesses
- Revenue collapsed in 2025 and the company moved from profit to a large net loss, showing dependence on the price of mined coins 1.
- Most of the fleet was not operating at the end of 2025, meaning unused capacity and storage costs 1.
- The company depends on KAS and a few other coins, so volatility in those markets has a severe impact 1.
Opportunities
- If investment in its own farms continues, electricity costs could fall over the long term and improve margins 1.
- Developing machines for Bitcoin could open a larger market if the prototype moves into production 1.
- Reducing idle capacity could release capital if machines are sold or put into operation 1.
Threats
Risks
- Dependence on KAS pricehigh
Operations depend heavily on the stability and popularity of KAS and ALEO coins, and a prolonged decline could sharply affect revenue 1.
- Large net loss and high costshigh
The 2025 net loss was partly driven by impairment and higher operating expenses; if the trend continues, the company could need additional financing 1.
- Regulatory risk in Hong Kong and Chinahigh
The Chinese government may intervene in offshore companies' operations, and rapid regulatory changes could limit the company's ability to move funds or offer securities to investors 1.
- Tariffs and supply chainmedium
Machines imported from Asia into the US may be subject to additional tariffs, which could affect costs and margins 1.
- Crypto market volatilitymedium
Cryptocurrency prices are volatile, and market failures such as the FTX collapse have already disrupted the company's operations, so a similar event could repeat the impact 1.
Investment thesis
What would need to be true (bull case)
- If the KAS price and demand for machines recover, the company could quickly return to earlier revenue levels, since it already has an installed equipment base 1.
- Its research and development capacity and the Bitcoin prototype could open new market segments if they reach production 1.
- Investment in its own US farms could lower energy costs over the long term and improve operating margins 1.
What would break the thesis
- If KAS prices stay at the low levels seen in 2025, pressure on margins and sales could persist for a long time 1.
- Most machines were not operating at year-end, which could mean ongoing storage costs and continued depreciation 1.
- The dual-class share structure and the risk of state intervention in Hong Kong could limit the influence of minority shareholders 1.
What to watch
- KAS price trend and volume of machines sold2026
- Completion of the wind-down of the mining pool business2026
- Effect of tariffs on machine procurement costs2026
- Placement of idle machines into operation and any commercial launch of the Bitcoin prototypenext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 28 Apr 2026; since then the company filed 6-K (25 Sept 2026), 6-K (15 Sept 2026), 6-K (05 Jun 2026), 6-K (26 May 2026).
The business
Through its operating subsidiaries, BGIN presents itself as a digital asset technology company with proprietary cryptocurrency mining technologies, established as a mining business in 2019 1. It designs its own ASIC-based machines, sold under the «ICERIVER» brand, and runs mining from its own farms in Nebraska 1. Machine sales made up 22.63% of total revenue in 2025, down from 63.57% in 2024, showing a shrinking reliance on equipment sales 1.
Mining operations and related services rely on the company's proprietary management software, which monitors results daily and adjusts the mix of cryptocurrencies mined 1. The company offered mining pool services from 2023 and miner hosting from 2023, but in 2025 decided to wind down the pool business, which did not meet its financial targets 1. At December 31, 2025, 70,088 machines were not operating and were in storage, indicating significant idle capacity 1.
Segments
Mining and hosting
Mining itself and hosting services for customers are run from farms in Nebraska, where the company also keeps machines that are not operating 1. Electricity costs rose in 2025 as machine utilization increased and a larger share of machines was hosted with third parties, which compressed margins 1.
Market context
The cryptocurrency mining market depends heavily on the price of the coins mined, mining difficulty and demand for new machines, and the company notes all three have weakened recently 1. The average KAS price fell 43.5% in 2025 compared with 2024, reducing mining returns and slowing the placement of machines into operation 1. The average KAS price declined from 0.1445 USD to 0.0816 USD 1.
Regulation and energy costs are structural factors: the company moved operations from China to the United States, where it says the regulatory environment is more favorable, and expects electricity costs to fall over time if investment in its own farms continues 1. However, tariffs on machines imported from Asia could affect the supply chain and cost structure 1.
Trends
- Decline in KAS priceheadwind
The KAS price, the largest coin mined by value, fell sharply in 2025, reducing mining returns and slowing demand for new machines 1. If the price stays near recent levels, the company expects continued pressure on margins 1.
- Relocation of operations to the USmixed
Moving mining from China to Nebraska was intended to provide a more predictable regulatory environment and potentially lower long-term energy costs 1. The effect remains uncertain, because part of the fleet is still hosted with third parties at higher cost 1.
- Tariffs on imported machinesheadwind
Mining machines exported from Asia to the United States may be subject to additional tariffs imposed by the US government on certain products from China, which could affect costs and supply 1.
- Crypto regulationmixed
Governments worldwide are developing new rules for the cryptocurrency industry, and some authorities are exploring legal frameworks for digital asset transactions 1. Regulatory changes could bring both constraints and opportunities depending on the jurisdiction 1.
Competitive position
The market for cryptocurrency mining machines is contested, and the company acknowledges significant competition in the KAS segment and in other coin segments 1. The company's stated edge is its research and development capacity, which has let it design several models for different coins, including one for Bitcoin that is at functional prototype stage 1.
The source does not name specific competitors, so assessment of relative position is limited to the company's own statements about itself 1. Differentiation depends on machine efficiency and management software, which are hard to verify from the available documents 1.
- Third-party ASIC machine makers
The source does not name direct competitors; the company only refers to competition in the KAS and other coin segments.
- Third-party hosting and mining farm operators
The company hosts part of its fleet with third parties, which indicates a market relationship, but no operator is named in the source.
- KAS mining pool operators
The company operated its own KAS pool and is closing it, but the source does not name other operators in this segment.
- Other cryptocurrency miners
The source makes a general reference to other miners affected by the downturn without naming any of them.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report (foreign issuer)25 Sept 2026
- Current report (foreign issuer)15 Sept 2026
- Current report (foreign issuer)05 Jun 2026
- Current report (foreign issuer)26 May 2026
- Annual report (foreign issuer)28 Apr 2026
- Current report (foreign issuer)24 Apr 2026
- Current report (foreign issuer)17 Apr 2026
- Current report (foreign issuer)13 Apr 2026
- Current report (foreign issuer)26 Mar 2026
- Current report (foreign issuer)16 Mar 2026
Sources
- [1] Form 20-F, fiscal year ended 2025-12-31 · SEC / BGIN BLOCKCHAIN Ltd · 28 Apr 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.