BGIN BLOCKCHAIN Ltd
BGIN · Finance Services · EDGAR filings ↗
Grade
F38Crypto-mining company with collapsing revenue, massive losses, and near-zero cash runway.
Strengths
- Cash and investments $26.3M provide some buffer
- Relocated mining to lower-cost U.S. power markets
Risks
- Cash runway 0.6 quarters (20.6th pct), revenue -77.7%, net loss $177M, negative gross margin (-112%, 2.9th pct)
- Crypto-price dependence, related-party (CoinPal) payment reliance, and admitted risk-management deficiencies
Notable findings
- BankruptcyFor instance, industry-wide developments, including the downfall and Chapter 11 bankruptcy filings of crypto exchange FTX, crypto hedge funds Three Arrows and Genesis, and several crypto miners, have 8-K ↗
- Net lossNet loss (net margin -262.6%)
- Cash burnNegative free cash flow (-171.1M)
- Revenue declineRevenue -77.7% YoY
Key metrics
Gross margin
-112.2%
Operating margin
-261.3%
Net margin
-262.6%
Return on equity
-324.7%
Return on assets
-190.6%
Revenue growth (QoQ)
-77.7%
Net-income growth
-367.5%
Current ratio
1.7×
Free cash flow
-$171M
Tangible book value
$54M
Cash & investments
$26M
Cash runway
1q
Stock comp / revenue
0.8%
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 20-F | 2026-04-28 | 2025-12-31 | 0001213900-26-048532 ↗ |