Bgin Blockchain Faces Investigation After 59% Stock Drop Post-IPO
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Dec 29 2025
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Source: Businesswire
- Financial Crisis: Bgin Blockchain's financial report for the six months ending June 30, 2025, revealed a revenue decline of approximately $96 million compared to the previous year, with operating expenses soaring by 582.8%, resulting in a gross loss of $6.3 million, which severely impacts the company's financial stability.
- Executive Changes: On December 5, 2025, Bgin announced the amicable termination of its Chief Communications Officer, indicating potential internal management issues that could exacerbate investor concerns regarding corporate governance.
- Auditor Change: On December 15, 2025, Bgin decided not to renew its current auditor's contract and approved the engagement of a new independent registered public accounting firm, reflecting significant adjustments in financial transparency and compliance that may affect investor confidence.
- Stock Price Plunge: As of December 29, 2025, Bgin's shares traded as low as $2.45, a 59% drop from the IPO price of $6.00, which not only reflects market pessimism about the company's future but may also lead to more investors seeking legal recourse for their losses.
Analyst Views on BGIN
About BGIN
Bgin Blockchain Ltd, through its operating subsidiaries, is a digital asset technology company. The Company is principally engaged in a cryptocurrency mining business through its operating subsidiary located in Hong Kong. Its segments include Cryptocurrency mining and Sale of mining machines. Its subsidiaries design and sell mining machines equipped with its proprietary 8nm or 12nm ASIC chips under different series dedicated to the mining of KAS coins, ALPH coins, and RXD coins. These machines are available for purchase only through its Website, iceriver.io. ICERIVER is a mining machine manufacturer which is engaged in developing efficient mining machines for all types of miners, from beginners to industrial scale. It offers miners comprehensive hosting services to maximize mining performance. The Company takes care of complex tasks, such as machine management, electricity billing, and ongoing maintenance, allowing you to focus on optimizing mining activities.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
