The company maintains a fortress balance sheet with a 0% debt-to-equity ratio, providing a stable foundation to support its ongoing infrastructure expansion.
BGIN BLOCKCHAIN Ltd (BGIN) balance sheet — 4-year assets, liabilities & shareholders' equity history
| Metric | Dec'24 | Dec'23 | Dec'22 | Dec'21 |
|---|
| Total Current Assets | 194.66M | 178.3M | 3.89M | 9.71M |
| Cash & Short-Term Investments | 114.8M | 46.7M | 601.73K | 3.65M |
| Cash Only | 114.8M | 46.7M | 601.73K | 3.65M |
| Short-Term Investments | 0 | 0 | 0 | 0 |
| Accounts Receivable | 9.05M | 4.28M | 437.53K | 988.62K |
| Days Sales Outstanding | 10.92 | 6.08 | 10.61 | 16.77 |
| Inventory | 12.49M | 3.53M | 0 | 0 |
| Days Inventory Outstanding | 26.11 | 22.21 | - | - |
| Other Current Assets | 49.13M | 117.04M | 2.07M | 4.86M |
| Total Non-Current Assets | 76.12M | 13.37M | 8.01M | 5.34M |
| Property, Plant & Equipment | 72.18M | 11.78M | 8.01M | 5.34M |
| Fixed Asset Turnover | 4.19x | 21.83x | 1.88x | 4.03x |
| Goodwill | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 |
| Long-Term Investments | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 1.83M | 1.58M | 0 | 0 |
| Total Assets | 270.79M | 191.67M | 11.89M | 15.05M |
| Asset Turnover | 1.12x | 1.34x | 1.27x | 1.43x |
| Asset Growth % | 41.28% | 1511.43% | -20.96% | - |
| Total Current Liabilities | 60.6M | 42.56M | 2.5M | 5.03M |
| Accounts Payable | 6.85M | 858.21K | 198.1K | 19.41K |
| Days Payables Outstanding | 14.32 | 5.39 | 11.81 | 1.06 |
| Short-Term Debt | 0 | 0 | 0 | 0 |
| Deferred Revenue (Current) | 952.34K | 1.98M | 0 | 0 |
| Other Current Liabilities | 0 | 0 | 0 | 0 |
| Current Ratio | 3.21x | 4.19x | 1.56x | 1.93x |
| Quick Ratio | 3.01x | 4.11x | 1.56x | 1.93x |
| Cash Conversion Cycle | 22.71 | 22.89 | - | - |
| Total Non-Current Liabilities | 123.02K | 180.89K | 278.06K | 348.51K |
| Long-Term Debt | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 123.02K | 180.89K | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 278.06K | 348.51K |
| Other Non-Current Liabilities | 0 | 0 | 0 | 0 |
| Total Liabilities | 60.73M | 42.75M | 2.77M | 5.37M |
| Total Debt | 445.4K | 348.02K | 0 | 0 |
| Net Debt | -114.36M | -46.35M | -601.73K | -3.65M |
| Debt / Equity | 0.00x | 0.00x | - | - |
| Debt / EBITDA | 0.00x | 0.00x | - | - |
| Net Debt / EBITDA | -1.25x | -0.26x | -0.49x | -0.34x |
| Interest Coverage | - | 79.80x | -3.15x | 26.14x |
| Total Equity | 210.06M | 148.92M | 9.12M | 9.67M |
| Equity Growth % | 41.06% | 1532.94% | -5.73% | - |
| Book Value per Share | 1.84 | 1.30 | 0.08 | 0.08 |
| Total Shareholders' Equity | 209.71M | 148.78M | 9.03M | 9.67M |
| Common Stock | 0 | 0 | 0 | 0 |
| Retained Earnings | 209.95M | 149.02M | 9.27M | 9.49M |
| Treasury Stock | 0 | 0 | 0 | 0 |
| Accumulated OCI | -244.06K | -244.06K | -244.93K | 180.34K |
| Minority Interest | 352.15K | 143.59K | 91K | -568 |
Quick answers to the most common questions about buying BGIN stock.
As of 2024, BGIN BLOCKCHAIN Ltd (BGIN) had total assets of $270.8M including $194.7M in current assets.
BGIN BLOCKCHAIN Ltd (BGIN) carries total debt of $0.4M, offset by $114.8M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
BGIN BLOCKCHAIN Ltd (BGIN) has total shareholders' equity (book value) of $209.7M ($1.84 book value per share). Book value represents the net worth of the company belonging to common stock holders.
BGIN BLOCKCHAIN Ltd (BGIN) reported a current ratio of 3.21x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.
Key Metrics
Top Statement Risk
Network difficulty and halving
Capital Preservation Amidst Sector Volatility
As indicated by the company's reported financial profile, BGIN maintains a zero-debt capital structure that provides a significant buffer against industry-wide cyclicality, allowing the firm to sustain its 17.5% revenue growth trajectory without the leverage-induced risks that have historically destabilized many of its direct mining infrastructure peers.
The absence of debt suggests a conservative financial strategy that prioritizes long-term solvency over aggressive, debt-funded expansion. This trajectory appears to position the company to navigate the upcoming halving cycle from a position of strength, potentially enabling opportunistic asset acquisition when competitors face liquidity constraints.
Substantial Cash Cushion Supports Operations
Based on the firm's reported figures, BGIN holds a $114M cash cushion, which serves as a critical liquidity buffer that appears sufficient to cover operational requirements and R&D investments, even during periods of heightened network difficulty or downward pressure on digital asset prices within the mining sector.
This liquidity position is a standout feature compared to peers who often rely on external financing to fund fleet upgrades. Investors should monitor how this cash is deployed, as the lack of dividend distributions suggests a continued focus on internal reinvestment into proprietary chip design and hosting capacity.
Hidden Risks in Asset Valuation
While the balance sheet appears robust, analysts should note that the reported $114M cash position and overall asset quality may be sensitive to the fair value accounting of digital assets, as suggested by the company's 21.81% net margin which incorporates non-cash gains from treasury holdings.
The reliance on digital asset valuation introduces a layer of volatility that is not immediately apparent in a standard hardware manufacturer's balance sheet. Furthermore, the potential for rapid technological obsolescence of mining hardware warrants investigation into whether current carrying values for inventory adequately reflect the impact of next-generation chip releases.
Disciplined Equity and Capital Reinvestment
According to financial disclosures, BGIN has maintained a clean equity base without the dilutive share issuance often seen in the mining industry, reflecting a management approach that favors internal capital generation over external financing to fund its vertically integrated hardware and hosting infrastructure expansion.
This focus on non-dilutive growth is a positive signal for shareholders, as it preserves ownership stakes while the company scales its operations. However, the absence of share buybacks or dividends suggests that the firm is in a high-growth phase where every dollar of retained earnings is being funneled back into the business.