undamentalytics Newsletter
Sign in

Bgin Blockchain Ltd (BGIN) stock

Add to watchlist

Add holding +

NASDAQ: BGIN Nasdaq Internet Services & Infrastructure

C Fundamentals grade

Bgin Blockchain Ltd is a US-listed company in the internet services & infrastructure industry. Its financial year ends in December.

Stock price today

Loading chart…

Third-party market data · may be delayed

Model estimate per share

~$2.0

Valuation models combined (2)

Base case. Range ~$1.6–$2.5. Weighted average of 2 models (residual income, justified price-to-book).

Price vs value

No Buy/Hold/Sell rating is issued: only 2 valuation models apply; a rating needs 3.

Bgin Blockchain Ltd valuation: adjust assumptions and compare models →

The Fundamentalytics view

Bgin Blockchain Ltd's trailing-twelve-month revenue fell 77.7% year on year, with a free-cash-flow margin of -253.8%. Where it stands out: stock pay as % of revenue of 0.8% ranks 3 of 32 internet services & infrastructure companies we cover. Where it lags: revenue growth of -77.7% ranks 34 of 34 internet services & infrastructure companies we cover.

Current signal Revenue growth decelerating: TTM revenue growth slowed to -77.7% (-95.2pp vs the prior quarter).

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Net cash. Cash exceeds long-term debt by $0.0bn.

Things to watch

  • Revenue shrinking. Revenue fell 77.7% over the last 12 months.
  • Growth slowing. The growth rate is 95.2 points lower than a quarter earlier.
  • Loss-making. Operating margin is -261.3%: costs exceed revenue.
  • Margins narrowing. Operating margin is down 288.3 points on a year ago.
  • Burning cash. Free cash flow was -253.8% of revenue over the last 12 months.
  • Volatile shares. Over the past year the shares showed annualised volatility of 94% and a beta of 1.4 against the S&P 500.

Price chart

  • 1 day+1.1%
  • 1 week+2.3%
  • 1 month-23.3%
  • This year-29.1%
  • 1 year-55.6%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$67.4M
Operating margin
-261.3%
Net margin
-262.6%
EPS (TTM, diluted)
$-1.62

Growth

Revenue growth
−77.7%
Change in growth rate
−95.2 pts
Share count change
+1.2%

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

No recent updates are available for BGIN from the sources we follow. See filings →

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Bgin Blockchain Ltd valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: only 2 valuation models apply; a rating needs 3.

Valuation models

We value Bgin Blockchain Ltd as an operating company, with every model that fits that kind of business. Cost of equity 10.1%: the 10-year Treasury yield (4.9%) plus a beta of 1.15 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. — Does not apply: no positive earnings in the latest twelve months
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$2.5 ~$1.8–$3.4 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$1.6 ~$1.4–$1.9 Included
Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. — Does not apply: revenue and margins don't support a positive value
Price-to-sales vs peers Sales per share times peers' typical price-to-sales; used only when earnings are negative. ~$0.1 ~$0.4–$3.3 Left out: out of range vs price (0.05x)
Combined value Weighted average of the models that apply: the primary model (price-to-earnings vs peers) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$2.0 ~$1.6–$2.5 2 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Bgin Blockchain Ltd with Internet Services & Infrastructure in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Moat

Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Medium.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

No analyst estimates are published for Bgin Blockchain Ltd: too few analysts cover it.

Positioning

Short interest
1.1%
of tradable shares
Days to cover
0.1
at average volume
Short interest, 1 month
+510%
to October 15, 2026
Held by institutions
0%
of shares
Held by insiders
52.1%
of shares
Employees
88
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

Return and risk by year

Calendar year 2026 to date
Return
BGIN−29%
Industry peers (median)−30%
S&P 500+11%
Months that ended higher
BGIN64%
S&P 50046%
Largest fall from a high during the year
BGIN−58%
S&P 500−9%

Worst fall since October 21, 2025: 66% from October 21, 2025 to August 5, 2026. Getting back needed a 192% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$1.70 – $4.10
From 52-week high
−56.6%
vs 50-day average
−10.2%
vs 200-day average
−29.6%
Volatility (1 year)
94%
Beta vs S&P 500
1.39

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Bgin Blockchain Ltd in five measures

Fundamentals grade C
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 20-F. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025
Income
Revenue 257 302 67
Gross profit 199 128 −76
EBITDA 177 91 −155
Operating income 174 82 −176
Net income 140 66 −177
Diluted EPS $1.30 $0.61 −$1.62
Growth (year on year)
Revenue — +17.5% −77.7%
EBITDA — −48.3% −269.8%
Operating income — −53.0% −315.7%
Net income — −52.7% −367.5%
Diluted EPS — −53.1% −365.6%
Margins
Gross margin 77.4% 42.2% −112.2%
EBITDA margin 68.7% 30.2% −230.0%
Operating margin 67.5% 27.0% −261.3%
Net margin 54.3% 21.9% −262.6%
Free-cash-flow margin −14.8% −70.2% −253.8%
Cash flow
Cash from operations −31 −199 −167
Capital spending 7 13 4
Free cash flow −38 −212 −171
Stock-based pay — — 1
Free cash flow after stock pay — — −172
Balance sheet
Cash 47 115 26
Total debt 0 0 0
Net debt (negative = net cash) −47 −115 −26
Diluted shares 108m 108m 109m
Returned to shareholders
Dividends — — 4
Total returned — — 4

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Dividends, buybacks and capital spending

Dividends (TTM)
$4.1M
Returned to shareholders
-2%
of free cash flow
Diluted share count
+1.2%
year over year
R&D spending
30.0%
of revenue

Competitors: side by side with peers

Closest by revenue in internet services & infrastructure
Last 12 months unless stated BGIN TZOO MCHX SLNH BTBT DHX Median
Revenue, last 12 months $67m $92m $44m $42m $123m $125m $242m
Revenue growth, last 12 months −77.7% 4.9% −7.5% 50.9% 23.6% −7.3% 8.3%
Revenue growth, 3-year average — 6.1% −4.3% 38.9% 221.2% −7.1% 7.6%
Revenue growth, latest quarter — −2.9% −5.6% 144.6% 25.2% −2.1% 5.5%
Gross margin −112.2% 76.3% 61.2% 1.4% 68.0% 83.8% 49.5%
Operating margin −261.3% 1.9% −11.4% −127.0% −225.3% 4.9% −56.0%
Operating margin, 3-year average — 13.0% −10.2% −120.0% −89.0% 1.8% −25.3%
Net margin −262.6% 0.5% −12.4% −185.9% −237.2% 1.0% −55.8%
Cash from operations / revenue −247.6% 3.5% −1.7% −46.2% −225.7% 21.3% −10.4%
Free-cash-flow margin −253.8% 3.5% −4.5% −117.2% −619.3% 16.2% −25.9%
Free-cash-flow margin, 3-year average — 12.9% −4.2% −73.4% −276.5% 8.8% −17.4%
Stock pay / revenue 0.8% 1.6% 5.4% 62.9% 14.8% 3.5% 11.9%
Change in share count 1.2% −10.8% — 27.8% 84.8% −5.1% 5.2%

Median of all 34 companies we cover in internet services & infrastructure. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

34 internet services & infrastructure companies
Measure Company Peer median Rank
Revenue growth Growth -77.7% 10.1% 34 of 34
Change in growth rate Growth -95.2pp -0.6pp 31 of 34
Operating margin Profitability -261.3% -49.3% 27 of 33
Net margin Profitability -262.6% -47.1% 26 of 34
Stock pay as % of revenue Cash generation 0.8% 12.4% 3 of 32
Change in share count Balance sheet 1.2% 5.2% 10 of 26

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Who owns it

13F filings for June 30, 2026
Reported value
$133,228
Institutions reporting
5
Shares held vs prior quarter
▼ 3.5%
Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Geode Capital Management, LLC $99,753 57K 74.9% 0.0%
Citadel Advisors LLC $26,585 15K 20.0% New
UBS Group AG $4,118 2K 3.1% ▲ 537.6%
Quarry LP $2,767 2K 2.1% New
Caitong International Asset Management Co., Ltd $5 0K 0.0% New

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Bgin Blockchain Ltd's complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $0 0 trades by 0 insiders
Net ▲ $0 net buying

No open-market insider trades reported in the last 12 months.

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

Recent SEC filings

Data status

When each part of this page on Bgin Blockchain Ltd was last updated.

DataLast updatedSource
Share priceExchange closing prices
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Bgin Blockchain Ltd in brief

What does Bgin Blockchain Ltd do?
Bgin Blockchain Ltd is a US-listed company in the internet services & infrastructure industry. Its financial year ends in December.
What is Bgin Blockchain Ltd's stock ticker?
Bgin Blockchain Ltd trades under the ticker BGIN on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Bgin Blockchain Ltd's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Bgin Blockchain Ltd reported revenue of $67.4M, 77.7% lower than a year earlier, according to its SEC filings.
What is Bgin Blockchain Ltd's free cash flow?
Bgin Blockchain Ltd's free-cash-flow margin is -253.8% of revenue over the trailing twelve months.
Who are Bgin Blockchain Ltd's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Geode Capital Management, LLC, Citadel Advisors LLC and UBS Group AG. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Bgin Blockchain Ltd's market cap?
On December 31, 2025, Bgin Blockchain Ltd's market capitalisation was about $274M and net debt of -$26.3M. Market figures come from third-party market data and may be delayed.
Does Bgin Blockchain Ltd pay a dividend?
Yes: Bgin Blockchain Ltd paid $4.1M in dividends over the trailing twelve months.
Who are Bgin Blockchain Ltd's competitors?
In our Internet Services & Infrastructure peer group, the companies closest to Bgin Blockchain Ltd are Travelzoo, Marchex Inc, Soluna Holdings, Inc, Bit Digital, Inc and DHI Group, Inc. The side-by-side comparison below sets their revenue, margins and growth against Bgin Blockchain Ltd's.