BGIN BLOCKCHAIN Ltd 6-K, filed Apr 24, 2026

BGIN BLOCKCHAIN Ltd (BGIN)

6-K 2026-04-24 For: 2026-04-24

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Added on April 24, 2026

About this 6-K

BGIN BLOCKCHAIN Ltd filed this 6-K on April 24, 2026.

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Exhibit Number		Exhibit
99.1		Press Release – BGIN BLOCKCHAIN LIMITED Reports Unaudited Financial Results for the Full Year of 2025

	BGIN BLOCKCHAIN LIMITED

Date: April 24, 2026	By:	/s/ Qingfeng Wu
	Name:	Qingfeng Wu
	Title:	Chief Executive Officer (principal executive officer)

	December 31, 2025			December 31, 2024
	US$			US$
Assets
Current Assets
Cash		26,286,333			114,804,348
Accounts receivable, net		9,544			—
Inventories		7,849,479			12,491,133
Prepaid expenses		6,112,779			9,188,914
Other receivables		195,417			8,945,986
Deferred issuance costs		—			795,797
Due from related parties		949,914			101,336
Intangible assets – cryptocurrencies		22,450,733			32,143,476
Rights to receive cryptocurrencies		—			16,193,593
Total current assets		63,854,199			194,664,583
Non-current assets
Deposits and other non-current assets		1,436,415			1,834,897
Right-of-use assets		227,320			431,707
Deferred income tax assets		—			2,112,353
Property and equipment, net		27,317,731			71,744,370
Total assets		92,835,665			270,787,910

LIABILITIES AND SHAREHOLDERS’ EQUITY
Liabilities:
Current liabilities
Accounts payable and accrued liabilities		3,288,728			7,190,436
Taxes payable		34,086,665			51,845,186
Contract liabilities		267,726			952,340
Due to related party		23,781			10,363
Operating lease liabilities – current		131,672			322,388
Other payables		199,384			281,898
Total current liabilities		37,997,956			60,602,611

Operating lease liabilities – non-current		88,125			123,015
Total liabilities		38,086,081			60,725,626

Commitments and contingencies
Shareholders’ equity
Class A ordinary shares, $0.0000695652173913043 par value, 852,581,250 shares authorized, 90,581,566 and 85,258,128 issued and outstanding as of December 31, 2025 and December 31, 2024, respectively*		2,347			—
Class B ordinary shares, $0.0000695652173913043 par value, 225,543,750 shares authorized, 22,554,375 and 22,554,375 shares issued and outstanding as of December 31, 2025 and December 31, 2024*		523			—
Additional paid-in capital		26,637,236			—
Retained earnings		28,096,362			209,954,196
Accumulated other comprehensive loss		(244,059	)		(244,059	)
Total shareholders’ equity		54,492,409			209,710,137
Non-controlling interest		257,175			352,147
Total liabilities and shareholders’ equity		92,835,665			270,787,910

	For The Year Ended December 31, 2025			For The Year Ended December 31, 2024			For The Year Ended December 31, 2023
	US$			US$			US$
Revenues:
Mining revenue		42,940,318			45,030,201			13,000,074
Sales of mining machines		15,254,872			192,162,144			219,782,989
Hosting revenue		3,339,426			6,247,292			482,186
Mining pool revenue		5,861,287			58,837,944			24,003,122
Total Revenue		67,395,903			302,277,581			257,268,371
Costs of Revenues:
Costs of mining revenue		63,333,746			29,711,122			8,451,706
Costs of sales of mining machines		71,207,327			81,713,511			25,389,335
Costs of hosting revenue		2,643,980			4,897,740			488,837
Costs of mining pool revenue		5,803,256			58,269,298			23,765,150
Total costs of revenues		142,988,309			174,591,671			58,095,028
Gross (loss) profit		(75,592,406	)		127,685,910			199,173,343

Operating costs and expenses:
Selling expenses		393,458			702,916			1,148,308
General and administrative		13,868,940			7,157,554			14,570,383
Research and development		20,191,147			16,374,310			10,099,575
Realized loss on future contracts		560,492			726,746			—
Rewards earned from crypto short-term investments (right to receive cryptocurrencies)		(438,266	)		(3,653,722	)		—
Change in fair value of cryptocurrencies		23,355,675			8,446,437			(312,722	)
Impairment of property and equipment		42,570,833			16,297,933			—
Total operating costs and expenses		100,502,279			46,052,174			25,505,544
(Loss) income from operations		(176,094,685	)		81,633,736			173,667,799

Other (income) expenses:
Foreign exchange loss		189,490			509,319			131,366
Interest income		(942,892	)		(1,174,582	)		(63,112	)
Other (income) expenses, net		(729,507	)		1,512,933			26,073
Total other (income) expenses		(1,482,909	)		847,670			94,327

(Loss) income before provision for income taxes		(174,611,776	)		80,786,066			173,573,472
Current income tax expenses		228,677			16,757,614			34,090,755
Deferred income tax expense (recovery)		2,112,353			(2,112,353	)		(278,065	)
Income tax expense		2,341,030			14,645,261			33,812,690

Net (loss) income		(176,952,806	)		66,140,805			139,760,782
Net (loss) income attributable to non-controlling interest		(94,972	)		208,558			52,589
Net (loss) income attributable to ordinary shareholders		(176,857,834	)		65,932,247			139,708,193
Total		(176,952,806	)		66,140,805			139,760,782
Foreign currency translation adjustment - gain		—			—			870
Total comprehensive (loss) income		(176,952,806	)		66,140,805			139,761,652
Comprehensive (loss) income attributable to non-controlling interest		(94,972	)		208,558			52,589
Comprehensive (loss) income attributable to ordinary shareholders		(176,857,834	)		65,932,247			139,709,063
Total		(176,952,806	)		66,140,805			139,761,652

Basic & diluted (losses) earnings per share attribute to BGIN BLOCKCHAIN LIMITED ordinary shareholders*		(1.62	)		0.61			1.30

Weighted average number of Class A and Class B ordinary shares outstanding*-basic and diluted		109,060,159			107,812,503			107,812,503

	For The Year Ended December 31, 2025			For The Year Ended December 31, 2024			For The Year Ended December 31, 2023
	US$			US$			US$
Cash Flows from Operating Activities:
Net (loss) income		(176,952,806	)		66,140,805			139,760,782
Adjustments to reconcile net (loss) income to net cash used in operating activities:
Depreciation		21,050,529			9,654,039			2,964,283
Inventories provision and write-off		62,311,983			36,708,352			—
Impairment of property and equipment		42,570,833			16,297,933			—
Provision for expected credit losses		1,649,653			—			—
Write-down of prepaid expenses		3,968,211			—			—
Change in fair value of cryptocurrencies		23,355,675			8,446,437			(312,722	)
Cryptocurrencies mined		(48,801,605	)		(103,868,145	)		(37,003,196	)
Loss from disposal of property and equipment		818,395			1,886,990			290,619
Share-based compensation		555,045			—			—
Employee compensation settled by cryptocurrencies		1,172,391			969,477			10,264,540
Expenses settled by cryptocurrencies		4,377,234			7,329,446			3,418,735
Cryptocurrencies paid to mining pool participants		5,803,256			58,269,299			23,765,150
Cryptocurrencies received from mining machine revenue		(13,920,228	)		(183,749,800	)		(198,127,459	)
Cryptocurrencies received from hosting revenue		(3,286,206	)		(5,643,613	)		(18,592	)
Realized loss on future contracts		560,492			726,746			—
Rewards earned from crypto short-term investments (right to receive cryptocurrencies)		(438,266	)		(3,653,722	)		—
Non-cash operating leases expense		204,387			12,334			1,362
Deferred income taxes		2,112,353			(2,112,353	)		(278,065	)
Expense of deferred issuance costs		—			594,473			337,829
Changes in operating assets and liabilities
Accounts receivable		—			2,807,030			(2,807,030	)
Inventories		(74,133,471	)		(120,843,518	)		(3,534,937	)
Prepaid expenses and other assets		(585,280	)		(2,697,474	)		(7,545,062	)
Other receivable		2,938,361			(7,502,635	)		(1,043,291	)
Accounts payable and accrued liabilities		(4,086,929	)		5,220,760			3,473,662
Contract liabilities		(87,222	)		(298,688	)		353,636
Taxes payable		(17,758,521	)		16,368,853			34,072,676
Other payables		(82,514	)		(400,342	)		681,679
Operating lease liabilities		(225,606	)		—			—
Due to related parties		13,418			—			—
Net cash used in operating activities		(166,896,438	)		(199,337,316	)		(31,285,401	)

Cash Flows from Investing Activities:
Proceeds from disposal of property and equipment		218,848			—			—
Purchase of property and equipment		(4,186,198	)		(12,968,470	)		(6,685,461	)
Proceeds received from sale of cryptocurrencies		59,515,915			280,951,961			84,426,550
Net cash provided by investing activities		55,548,565			267,983,491			77,741,089

Cash Flows from Financing Activities:
Advance from (Repayments to) related parties		—			(110,721	)		141,099
Increase in deferred issuance costs		—			(427,965	)		(502,683	)
Dividend paid		(4,051,000	)		—			—
Proceeds from initial public offering, net of issuance cost		26,878,358			—			—
Proceeds from share issuance		2,500			—			—
Net cash provided by (used in) financing activities		22,829,858			(538,686	)		(361,584	)

Effect of foreign exchange rate changes		—			—			1,024
Net (decrease) increase in cash and cash equivalents		(88,518,015	)		68,107,489			46,095,128
Cash and cash equivalents, beginning of year		114,804,348			46,696,859			601,731
Cash and cash equivalents, end of year		26,286,333			114,804,348			46,696,859

SUPPLEMENTAL DISCLOSURE OF CASH FLOWS INFORMATION:
Income taxes paid		18,130,952			381,808			17,488
Cryptocurrencies invested in short-term investments and future contracts		50,811,461			331,569,220			—
Accounts payable & accrued liabilities settled cryptocurrencies		—			1,802,802			292,684
Redemption of cryptocurrency short-term investments and future contracts		66,882,828			319,029,349			—
Cryptocurrencies used for payments of due to related party		—			433,833			150,714
Cryptocurrencies used to pay dividends		949,000			5,000,000			—
Cryptocurrencies received from loan lent to related parties		101,336			—			—
Cryptocurrencies lent to third party		5,000,000			—			—
Cryptocurrencies received from repayment of cryptocurrency loan to third party		5,197,014			—			—
Deferred offering costs recognized against the proceeds from the offering		795,797			—			—
Property and equipment transferred from inventory		16,045,768			75,178,970			—
Right-of-use assets acquired in exchange for operating lease liabilities		—			347,587			382,990