BGIN BLOCKCHAIN LIMITED Reports Unaudited Financial Results for the Full Year of 2025
SINGAPORE, April 25, 2026 (GLOBE NEWSWIRE) -- BGIN BLOCKCHAIN LIMITED (“BGIN” or the “Company”; NASDAQ: BGIN), a digital asset technology company with proprietary cryptocurrency mining technologies and a manufacturer of cryptocurrency mining hardware, today released its unaudited financial results for the year ended December 31, 2025.
2025 Financial Highlights
Management Commentary
Mr. Allen Wu, Founder, Chief Executive Officer and Director of BGIN, commented: “2025 marked a deeply transformative year for BGIN. We made difficult but decisive choices—scaling back our legacy altcoin business to concentrate on Bitcoin infrastructure. Our successful 4nm Bitcoin miner prototype validates our execution capabilities, and our three-engine business model creates a natural hedge against market volatility. In 2026, we are focusing on Bitcoin and Dogecoin which we believe helps us address a much larger opportunity, and we aim to deliver sustainable long-term value for our shareholders in 2026 and beyond.”
Mr. Oisin Li, Founder, Executive Chairman of the Board of Directors and Director of BGIN, commented: “Building on this transformation, we remain focused on four key priorities: First, we continue to enhance our research and development capabilities to deliver competitive mining solutions. Second, our mining operations remain anchored in cost-effective energy strategies and power sources that provide structural advantages. Third, we are exploring cloud mining and new consumer-focused product lines to democratize access to cryptocurrency mining — staying true to our 'Crypto for All' vision. Fourth, while large cap crypto currencies such as Bitcoin and Dogecoin are our primary focus, we will maintain the flexibility to capture opportunities in promising smaller cap altcoins when market conditions align.”
Mr. Mark Xiang, Co-Chief Financial Officer of BGIN, stated: “Our financial discipline has been the foundation of BGIN's success since day one. Operating entirely on internally generated cash flow until our IPO completed in 2025 created a culture where every dollar is focused on return on investment (“ROI”).
We believe that 2025 was a strategic pivot year for BGIN. Our reported net loss was predominantly non-cash in nature, driven by impairments and write-offs due to our prudent assessment. We made conscious decisions to scale back investments in the altcoin sector and strategically shut down mining operations that did not meet our efficiency thresholds. This allowed us to redirect substantial capital into research and development, with our primary focus on Bitcoin and Dogecoin mining technologies. With $26.3 million in cash and $22.5 million in crypto assets, we have sufficient runway to support the execution of our strategy. The IPO has provided us strategic flexibility to scale, and we will continue evaluating financing opportunities based on clear ROI metrics.”
2025 Financial Results
Total Revenue was US$67.4 million, compared to US$302.3 million in 2024. The change was mainly due to a decrease in the Company’s mining pool revenue and machine sales revenue.
Total costs of revenues were US$143.0 million, compared to US$174.6 million in 2024. The decrease was primarily due to lower machine sales volume, partially offset by increased mining costs.
Gross loss was US$75.6 million, compared to gross profit of US$127.7 million in 2024.
Selling expenses were US$0.4 million, compared to US$0.7 million in 2024.
General and administrative expenses were US$13.9 million, compared to US$7.2 million in 2024. The change was primarily due to: (i) a significant increase of US$2.8 million in employee salaries and benefits to support business expansion, particularly increased operations in the United States; (ii) a significant increase of US$2.7 million in professional fees, primarily related to initial public offering activities; (iii) an increase of $1.6 million in credit loss expense as there was no similar loss provision in 2024; offset by (iv) a significant decrease of US$2.4 million in merchant service charges due to reduced sales of mining machines.
Research and development expenses were US$20.2 million, compared to US$16.4 million in 2024. The change was due to increased investment in the development of the Company’s own ASIC chips for mining machines.
Net loss was US$177.0 million, compared to net income of US$66.1 million in 2024.
Basic & diluted net loss per share was US$1.62, compared to basic & diluted net income per share of US$0.61 in 2024.
Balance Sheet
As of December 31, 2025, the Company had US$26.3 million in cash, compared to US$114.8 million as of December 31, 2024.
As of December 31, 2025, the Company had US$22.5 million in intangible assets – cryptocurrencies, compared to US$32.1 million as of December 31, 2024.
Recent Development
Successful Tape-Out of 4nm BT1 Bitcoin Mining Chip
On March 17, 2026, the Company announced first-pass silicon success in the 4nm BT1 Bitcoin mining ASIC chip—the Company’s first proprietary chip designed specifically for Bitcoin mining. This achievement marks an important milestone in the Company’s Bitcoin mining chip program, which entered the tape-out phase in October 2025 and has now reached first-pass silicon success.
Resolution of Subsidiary’s Hosting Dispute and Full Recovery of Mining Machines
On April 13, 2026, the Company announced the successful resolution of a series of disputes involving its US subsidiary, BGIN Infrastructure, LLC, and Mawson Hosting, LLC, the landlord of BGIN’s former hosting service provider, Krypton Technologies, LLC. As part of a confidential settlement agreement, BGIN has recovered all of its mining machines.
Conference Call Information
The Company will hold a conference call at 8:00PM U.S. Eastern Time on April 24, 2026 (8:00AM Singapore/Hong Kong Time on April 25, 2026). Details for the conference call are as follows:
Event Title: BGIN BLOCKCHAIN LIMITED Full Year 2025 Earnings Conference Call
All participants may use the link provided below to complete the online registration process in advance of the conference call. Upon registration, each participant will receive a set of participant dial-in numbers, the Direct Event passcode, and a unique PIN by email.
PRE-REGISTER LINK: https://register-conf.media-server.com/register/BI973fcf0e7e864b3293dbf91bbf750e61
A live and archived webcast of the conference call will also be available at the Company's investor relations website at https://ir.bgin.com
Forward-Looking Statements
This press release contains statements that may constitute “forward-looking” statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, pursuant to the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “aims,” “future,” “intends,” “plans,” “believes,” “estimates,” “likely to,” “target,” “project,” “potential,” “seek,” “may,” “should,” “could,” “would,” and similar expressions or the negative thereof. Statements that are not historical facts, including but not limited to statements regarding the Company’s plans to report its financial results and the timing thereof, are forward-looking statements. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results set forth in the Company’s filings with the U.S. Securities and Exchange Commission (the “SEC”). Additional factors are discussed in the Company’s filings with the SEC, which are available for review at www.sec.gov. All information provided in this press release is as of the date of this press release, and the Company does not undertake any obligation to update any forward-looking statement, except as required under applicable law.
About BGIN BLOCKCHAIN LIMITED
BGIN BLOCKCHAIN LIMITED (NASDAQ: BGIN) is a digital asset technology company with proprietary cryptocurrency-mining technologies that leverages its experience in designing ASIC chips and mining machines to penetrate new cryptocurrency opportunities and execute on a long-term strategic focus on self-mining. BGIN’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. BGIN designs and manufactures mining machines under its ICERIVER brand, providing customers with operational flexibility through advanced mining infrastructure and hosting services.
For more information, please visit: www.bgin.com or www.iceriver.io.
For investor and media inquiries, please contact:
BGIN BLOCKCHAIN LIMITED
Investor Relations
Jennifer Jiang
ir@bgin.com
Media Relations
Ray Xie
pr@bgin.com
*The number of ordinary shares has been retrospectively adjusted for the 1-for-10 share subdivision effected on February 3, 2025 (the “February 2025 Share Subdivision”), the increase of share capital effected on February 3, 2025 (the “Share Capital Increase”) and the issuance of the an aggregate of 19,770,000 Class A ordinary shares and 5,230,000 Class B ordinary shares on February 3, 2025 to existing shareholders of BGIN BLOCKCHAIN LIMITED on a pro rata basis (the “Share Issuance”), and the 1-for-1.4375 share subdivision effected on July 16, 2025 (the “July 2025 Share Subdivision”)