BGIN Blockchain revenue falls to $7.38M in H1 2026

Operating cash use and net loss were lower than in the comparable 2025 period, while revenue also declined.

Rhea-AI Filing Summary

BGIN Blockchain Limited reported unaudited interim results for the six months ended June 30, 2026, with total revenue of $7,375,831, compared with $47,663,674 in the same 2025 period. Mining revenue was $5,810,103 versus $30,797,322, while sales of mining machines were $1,023,210 versus $9,733,185. Hosting revenue was $347,609 versus $2,311,069, and mining pool revenue was $192,791 versus $4,822,098. Gross loss was $9,874,321, compared with $6,308,575.

Net loss was $25,764,295 versus $60,405,721; basic and diluted loss per ordinary share was $0.23 versus $0.56. Net cash used in operating activities was $14,814,716, compared with $100,225,453. Net cash provided by investing activities was $19,948,675, compared with $14,097,591. Cash and cash equivalents at June 30, 2026 were $31,420,292; the cash-flow statements report $23,906,114 at June 30, 2025. Total assets were $68,032,972 as of June 30, 2026, compared with $92,835,665 as of December 31, 2025.

Positive

• Net loss narrowed to $25,764,295 from $60,405,721.
• Operating cash used was $14,814,716, versus $100,225,453.

Negative

• Six-month revenue was $7,375,831, compared with $47,663,674 in 2025.

Filing Explained

Cryptocurrency sales supplied $19,016,404 of the $19,948,675 investing cash inflow for the six months ended June 30, 2026.

This Form 6-K furnishes BGIN's unaudited results for the six months ended June 30, 2026; at period-end, cash of $31,420,292 was below current liabilities of $37,443,368, including taxes payable of $34,057,113.

Investing activities provided $19,948,675, including $19,016,404 from cryptocurrency sales and $1,557,026 from property and equipment disposals; operating activities used $14,814,716.

Reported issued and outstanding counts were unchanged between December 31, 2025 and June 30, 2026: 90,581,566 Class A shares and 22,554,375 Class B shares.

Key Figures

Total revenue: 2026: $7,375,831; 2025: $47,663,674 Net loss: 2026: $25,764,295; 2025: $60,405,721 Net cash used in operating activities: 2026: $14,814,716; 2025: $100,225,453 +3 more

6 metrics

Total revenue 2026: $7,375,831; 2025: $47,663,674 Six months ended June 30, 2026 and 2025

Net loss 2026: $25,764,295; 2025: $60,405,721 Six months ended June 30, 2026 and 2025

Net cash used in operating activities 2026: $14,814,716; 2025: $100,225,453 Six months ended June 30, 2026 and 2025

Gross loss 2026: $9,874,321; 2025: $6,308,575 Six months ended June 30, 2026 and 2025

Cash and cash equivalents at period-end 2026: $31,420,292; 2025: $23,906,114 As of June 30, 2026 and June 30, 2025

Total assets June 30, 2026: $68,032,972; December 31, 2025: $92,835,665 Balance sheet dates

Key Terms

Non-controlling interest, Right-of-use assets, Change in fair value of cryptocurrencies, Provision for expected credit losses

4 terms

Non-controlling interest financial

"Net (loss) income attributable to non-controlling interest"

Non-controlling interest represents the portion of ownership in a company held by investors who do not have a controlling stake, meaning they do not have enough voting power to make major decisions. It is similar to owning a minority share of a business partner’s company—while they benefit from profits, they cannot control how the company is run. This matters to investors because it shows how much of the company's value is owned by outside shareholders and affects overall financial reporting.

Right-of-use assets financial

"Right-of-use assets"

Right-of-use assets are the rights a company gains to use a physical space or equipment under a lease agreement. They are recorded as assets on the company's balance sheet, reflecting the value of future benefits from the leased item. For investors, these assets provide a clearer picture of a company's obligations and resources related to leasing arrangements, helping to assess its financial health and operational commitments.

Change in fair value of cryptocurrencies financial

"Change in fair value of cryptocurrencies"

Provision for expected credit losses financial

"Provision for expected credit losses"

An estimate a lender or investor sets aside to cover loans or receivables that are likely to go unpaid in the future, and it is recorded as a reduction to income and assets on financial statements. Think of it like a rainy-day savings pot for expected customer non‑payments: larger provisions signal higher anticipated credit losses and can warn investors about deteriorating asset quality, lower future profits, or the need for more capital.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What was BGIN's revenue for the first six months of 2026?

BGIN reported total revenue of $7,375,831 for the six months ended June 30, 2026, compared with $47,663,674 for the six months ended June 30, 2025.

What was BGIN's net loss for the first half of 2026?

BGIN reported a net loss of $25,764,295 for the six months ended June 30, 2026, compared with a net loss of $60,405,721 for the same period in 2025.

What was BGIN's gross loss in the first half of 2026?

BGIN reported a gross loss of $9,874,321 for the six months ended June 30, 2026, compared with $6,308,575 for the six months ended June 30, 2025.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 09/25/2026 - 04:24 PM Accepted by SEC EDGAR 09/25/2026 - 04:10 PM Learn about SEC filing dates

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of September 2026

Commission File Number: 001-42908

BGIN BLOCKCHAIN LIMITED

#09-12 Paya Lebar Square
60 Paya Lebar Road
Singapore 409051
+65 9658 5681

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

Form 20-F ☒       Form 40-F ☐

EXPLANATORY NOTE

BGIN BLOCKCHAIN LIMITED is reporting its unaudited interim financial results for the six months ended and as of June 30, 2026. The unaudited interim financial results are attached hereto as Exhibit 99.1.

1

EXHIBIT INDEX

Exhibit No.		Description
99.1		Condensed Consolidated Balance Sheets as of June 30, 2026 and December 31, 2025, Condensed Consolidated Statements of Operations for the Six Months Ended June 30, 2026 and 2025, and Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2026 and 2025 of BGIN BLOCKCHAIN LIMITED

2

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	BGIN BLOCKCHAIN LIMITED
Date: September 25, 2026	By:	/s/ Qingfeng Wu
	Name:	Qingfeng Wu
	Title:	Chief Executive Officer (principal executive officer)

3

Exhibit 99.1

BGIN BLOCKCHAIN LIMITED

CONDENSED CONSOLIDATED BALANCE SHEETS
AS OF JUNE 30, 2026 AND DECEMBER 31, 2025
(US$, except for number of shares data, or otherwise noted)

(Unaudited)

		June 30, 2026				December 31, 2025
		US$				US$
Assets
Current Assets
Cash			31,420,292				26,286,333
Accounts receivable, net			123,876				9,544
Inventories			6,451,291				7,849,479
Prepaid expenses			2,752,552				6,112,779
Other receivables			228,176				195,417
Due from related party			—				949,914
Intangible assets – cryptocurrencies			5,483,408				22,450,733
Total current assets			46,459,595				63,854,199
Non-current assets
Deposits and other non-current assets			1,307,634				1,436,415
Right-of-use assets			1,983,523				227,320
Property and equipment, net			18,282,220				27,317,731
Total assets			68,032,972				92,835,665
LIABILITIES AND SHAREHOLDERS’ EQUITY
Liabilities:
Current liabilities
Accounts payable and accrued liabilities			2,280,287				3,288,728
Taxes payable			34,057,113				34,086,665
Contract liabilities			386,303				267,726
Due to related party			22,729				23,781
Operating lease liabilities – current			571,531				131,672
Other payables			125,405				199,384
Total current liabilities			37,443,368				37,997,956
Operating lease liabilities – non-current			1,420,894				88,125
Total liabilities			38,864,262				38,086,081
Commitments and contingencies
Shareholders’ equity
Class A ordinary shares, $0.0000695652173913043 par value, 852,581,250 shares authorized, 90,581,566 shares issued and outstanding as of June 30, 2026 and December 31, 2025			2,347				2,347
Class B ordinary shares, $0.0000695652173913043 par value, 225,543,750 shares authorized, 22,554,375 shares issued and outstanding as of June 30, 2026 and December 31, 2025			523				523
Additional paid-in capital			26,820,657				26,637,236
Retained earnings			2,473,936				28,096,362
Accumulated other comprehensive loss			(244,059	)			(244,059	)
Total BGIN BLOCKCHAIN LIMITED shareholders’ equity			29,053,404				54,492,409
Non-controlling interest			115,306				257,175
Total liabilities and shareholders’ equity			68,032,972				92,835,665

F-1

BGIN BLOCKCHAIN LIMITED
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED JUNE 30, 2026 AND 2025
(US$, except for number of shares data, or otherwise noted)

(Unaudited)

		For The Six Months Ended June 30, 2026				For The Six Months Ended June 30, 2025
		US$				US$
Revenues:
Mining revenue			5,810,103				30,797,322
Sales of mining machines			1,023,210				9,733,185
Hosting revenue			347,609				2,311,069
Mining pool revenue			192,791				4,822,098
Others			2,118				—
Total Revenue			7,375,831				47,663,674
Costs of Revenues:
Costs of mining revenue			8,994,121				39,903,509
Costs of sales of mining machines			7,721,229				7,494,999
Costs of hosting revenue			343,497				1,799,401
Costs of mining pool revenue			190,882				4,774,340
Others			423				—
Total costs of revenues			17,250,152				53,972,249
Gross loss			(9,874,321	)			(6,308,575	)
Operating costs and expenses:
Selling expenses			138,817				290,862
General and administrative			4,508,353				13,477,903
Research and development			3,572,255				7,496,308
Realized loss on future contracts			—				560,492
Rewards earned from crypto short-term investments (right to receive cryptocurrencies)			—				(254,563	)
Change in fair value of cryptocurrencies			4,026,164				14,374,757
Impairment of property and equipment			3,949,734				19,124,349
Total operating costs and expenses			16,195,323				55,070,108
Loss from operations			(26,069,644	)			(61,378,683	)
Other (income) expenses:
Foreign exchange loss			21,943				172,275
Interest income			(66,489	)			(900,549	)
Other income, net			(260,803	)			(413,735	)
Total other income			(305,349	)			(1,142,009	)
Loss before provision for income taxes			(25,764,295	)			(60,236,674	)
Income tax expense			—				169,047
Net loss			(25,764,295	)			(60,405,721	)
Net (loss) income attributable to non-controlling interest			(141,869	)			11,281
Net loss attributable to ordinary shareholders			(25,622,426	)			(60,417,002	)
Total			(25,764,295	)			(60,405,721	)
Losses per share attribute to BGIN BLOCKCHAIN LIMITED ordinary shareholders*-basic & diluted			(0.23	)			(0.56	)
Weighted average number of Class A and Class B ordinary shares outstanding*-basic and diluted			113,135,941				108,059,102

* The number of ordinary shares has been retrospectively adjusted for the 1-for-10 share subdivision effected on February 3, 2025 (the “February 2025 Share Subdivision”), the increase of share capital effected on February 3, 2025 (the “Share Capital Increase”) and the issuance of an aggregate of 19,770,000 Class A ordinary shares and 5,230,000 Class B ordinary shares on February 3, 2025 to existing shareholders of BGIN BLOCKCHAIN LIMITED on a pro rata basis (the “Share Issuance”), and the 1-for-1.4375 share subdivision effected on July 16, 2025 (the “July 2025 Share Subdivision”)

F-2

BGIN BLOCKCHAIN LIMITED
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE SIX MONTHS ENDED JUNE 30, 2026 AND 2025

(Unaudited)

		For The Six Months Ended June 30, 2026				For The Six Months Ended June 30, 2025
		US$				US$
Cash Flows from Operating Activities:
Net loss			(25,764,295	)			(60,405,721	)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation			4,153,633				12,289,371
Inventories provision and write-off			6,878,392				5,410,874
Impairment of property and equipment			3,949,734				19,124,349
Provision for expected credit losses			8,220				1,427,095
Write-down of prepaid expenses			—				3,968,211
Change in fair value of cryptocurrencies			4,026,164				14,374,757
Cryptocurrencies mined			(5,883,638	)			(35,815,800	)
Loss from disposal of property and equipment			35,130				104,438
Share-based compensation			183,421				244,550
Employee compensation settled by cryptocurrencies			353,437				568,700
Expenses settled by cryptocurrencies			359,427				3,760,148
Cryptocurrencies paid to mining pool participants			190,882				4,608,876
Cryptocurrencies received from mining machine revenue			(215,216	)			(9,203,336	)
Cryptocurrencies received from hosting revenue			(256,716	)			(2,153,822	)
Realized loss on future contracts			—				560,492
Rewards earned from crypto short-term investments (right to receive cryptocurrencies)			—				(254,563	)
Non-cash operating leases expense			144,677				105,158
Changes in operating assets and liabilities
Inventories			(5,515,461	)			(16,357,530	)
Prepaid expenses and other assets			3,489,008				(24,069,606	)
Other receivables			(40,979	)			63,304
Accounts payable and accrued liabilities			(806,087	)			(1,818,263	)
Contract liabilities			119,005				(27,746	)
Taxes payable			(29,552	)			(16,513,816	)
Other payables			(64,598	)			(113,347	)
Operating lease liabilities			(128,252	)			(118,704	)
Due to related party			(1,052	)			16,478
Net cash used in operating activities			(14,814,716	)			(100,225,453	)
Cash Flows from Investing Activities:
Proceeds from disposal of property and equipment			1,557,026				—
Purchase of property and equipment			(624,755	)			(2,078,324	)
Proceeds received from sale of cryptocurrencies			19,016,404				16,175,915
Net cash provided by investing activities			19,948,675				14,097,591
Cash Flows from Financing Activities:
Payments of issuance costs for initial public offering			—				(721,872	)
Dividend paid			—				(4,051,000	)
Proceeds from share issuance			—				2,500
Net cash used in financing activities			—				(4,770,372	)
Effect of exchange rate changes			—				—
Net increase (decrease) in cash and cash equivalents			5,133,959				(90,898,234	)
Cash and cash equivalents, beginning of period			26,286,333				114,804,348
Cash and cash equivalents, end of period			31,420,292				23,906,114
SUPPLEMENTAL DISCLOSURE OF CASH FLOWS INFORMATION:
Income taxes paid			8,594				16,682,863
NON-CASH INVESTING AND FINANCING TRANSACTIONS:
Cryptocurrencies invested in short-term investments and future contracts			—				30,233,693
Redemption of cryptocurrency short-term investments and future contracts			—				46,121,357
Cryptocurrencies lent to related party			—				218,147
Cryptocurrencies used to pay dividends			—				949,000
Cryptocurrencies received from loan lent to related parties			—				101,336
Cryptocurrencies lent to third party			—				5,000,000
Property and equipment transferred from inventory			35,257				—

F-3

Filing Exhibits & Attachments

1 document

Press Releases

• EX-99.1 CONDENSED CONSOLIDATED BALANCE SHEETS AS OF JUNE 30, 2026 AND DECEMBER 31, 2025, 81.7 KB