Glancy Prongay & Murray Investigates Bgin Blockchain's Post-IPO Financial Decline
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Dec 30 2025
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Source: Businesswire
- Deteriorating Financial Condition: Bgin Blockchain's financial report for the six months ended June 30, 2025, revealed a revenue decline of approximately $96 million year-over-year, alongside a staggering 582.8% increase in operating expenses, indicating severe financial distress that could hinder future fundraising efforts.
- Gross Loss: The company reported a gross profit of $84.8 million in the prior year, which plummeted to a gross loss of $6.3 million in 2025, reflecting a dramatic decline in profitability that may erode investor confidence.
- Executive Changes: On December 5, 2025, Bgin amicably terminated its Chief Communications Officer, and on December 15, it opted not to renew its current auditor, instead engaging a new independent registered public accounting firm, which could impact corporate governance and transparency.
- 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, indicating a pessimistic market outlook on its future prospects and potentially prompting more investors to seek legal recourse.
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.
