Bgin Blockchain vs Soluna Holdings
Bgin Blockchain is the larger business, with $67.4m of revenue in fiscal 2025 against $29.7m for Soluna Holdings (2.3 times as much). Soluna Holdings grew faster (-21.8% against -77.7%). Soluna Holdings kept more of each dollar of sales as profit: a net margin of -179.7% against -262.6%. Bgin Blockchain carries less debt relative to equity (0.0% against 50.0%).
| Latest fiscal year | Bgin BlockchainBGIN, 2025 | Soluna HoldingsSLNH, 2025 |
|---|---|---|
| Revenue | $67.4m | $29.7m |
| Revenue growth | -77.7% | -21.8% |
| Net income | −$177m | −$53.4m |
| Operating margin | -261.3% | -113.3% |
| Net margin | -262.6% | -179.7% |
| Return on equity | -134.0% | — |
| Free cash flow | −$171m | −$37.2m |
| Cash | $26.3m | — |
| Total debt | $0 | $26.8m |
| Debt to equity | 0.0% | 50.0% |
| Dividend per share | — | — |
| Dividend yield | — | — |
| Share buybacks | — | $75,000 |
| Employees | — | — |
| Market value | $192m | $125m |
| Price vs our value range | — | — |
| Moat score | — | 12 (Weak) |
| Insider trades, 12 months | 0 buys, 0 sales | 5 buys, 40 sales |