Axie Infinity Moves Further Mainstream with App Store Release

Bgin Blockchain Limited, a crypto mining equipment manufacturer headquartered in Singapore, filed documentation last Friday with the Securities and Exchange Commission (SEC) with a view towards launching an initial public offering (IPO) in the U.S. The Feb. 21 filing, a Form F-1 registration statement, outlines that the company wishes to go forward with the IPO after the effective date of the filing has been established. Bgin identified itself as an “emerging growth company.”  The registration statement was filed on behalf of Bgin by Hunter Taubman Fischer & Li LLC, in conjunction with the underwriters represented by Robinson & Cole LLP. It proposes to offer the U.S. investing public 59.54 million Class A ordinary shares and 15.69 million Class B shares. As part of its plan, Class A shares would be listed on the Nasdaq stock exchange using “BGIN” as the ticker symbol.Photo by Leslie Lopez Holder on Unsplash$50 million raiseIn a statement published on Renaissance Capital's website, the independent investment bank outlined that Bgin is seeking to raise $50 million in capital through the IPO.  It’s understood that funds raised by way of the IPO will be utilized to ramp up research and development efforts. The bookrunners, responsible for managing the IPO, are Chardan Capital Markets and The Benchmark Company. As yet, no information has been provided with regard to how Bgin will price its share offering. Renaissance described Bgin as a digital asset technology company “with proprietary cryptocurrency mining technologies and a strategic focus on alternative cryptocurrencies.”  The company, founded in 2019, focuses on the design, manufacture and distribution of mining equipment relative to Kaspa (KAS), Alephium (ALPH) and Radiant (RXD) blockchain networks. Bgin supplies 8nm and 12nm ASIC chips dedicated to these alternative blockchain networks, which all depend on the use of a proof-of-work (PoW) consensus mechanism. Additionally, Bgin mines cryptocurrency itself while providing a hosting service for crypto mining, with facilities in the U.S. and Hong Kong. It hosts 4,020 mining rigs for customers, with 3,330 of these located within facilities in Iowa and Nebraska.  Across various subsidiaries Bgin manages 33,862 active mining rigs in the U.S. within its own mining operations. And additional 12,000 non-operational rigs are currently in storage facilities in the U.S. and Hong Kong. Over a 12-month period ending on June 30, 2024, the company recorded revenues of $392 million. In 2023, the firm recorded sales of 68,000 mining rigs. In H1 2024, the company sold over 47,000 mining machines. The filing disclosed that the company’s Hong Kong subsidiary was responsible for considerable crypto mining facilities in mainland China prior to China deeming the activity to be illegal in 2021. Providing full disclosure in the lead-up to its IPO, the firm warned that it continued to operate crypto mining facilities in China for a number of months in violation of that law. It identifies this item as a risk factor as potentially, the firm could be penalized and fined.

At Hong Kong FinTech Week 2025, Securities and Futures Commission (SFC) Chief Executive Julia Leung outlined plans to link Hong Kong’s crypto market with global liquidity. She announced that licensed virtual asset trading platforms (VATPs) will be allowed to share a global order book with their overseas counterparts. According to a statement published on the SFC’s website, this step will enable local investors to access international markets more efficiently, improving price discovery and competitiveness. Leung added that more initiatives are on the way to connect local brokers directly to global liquidity networks. This latest connectivity push comes as Hong Kong considers new guardrails for crypto holding companies such as digital asset treasuries (DATs), which hold cryptocurrencies as strategic assets.Photo by Manson Yim on UnsplashSFC points to regulatory gaps for digital asset treasuriesThe state-owned newspaper Wen Wei Po reported that Securities and Futures Commission (SFC) Chairman Kelvin Wong noted the current lack of regulations governing listed companies operating as DATs and the limited understanding of such entities. Chairman Wong added that firms seeking to list in Hong Kong as DATs would need to persuade both the SFC and the Hong Kong Stock Exchange (HKEX) of their suitability. For companies already listed, he urged investors to remain alert to the potential risks involved. This regulatory concern over crypto investing companies emerges as Hong Kong simultaneously presses ahead with its ambition to become a leading hub for digital finance. City advances on e-HKD and tokenizationIn line with that ambition, the Hong Kong Monetary Authority (HKMA) unveiled its e-HKD Pilot Programme Phase 2 Report in an Oct. 28 press release. The report outlines the potential benefits of its central bank digital currency (CBDC), the e-HKD, and tokenized deposits, noting that public feedback on both concepts has been broadly positive. The program's second phase involved 11 pilot projects led by various consortiums. These projects explored retail use cases, emphasizing the e-HKD’s commercial viability and scalability. Key focus areas included the settlement of tokenized assets, programmability, and offline payments. Participants in the program included Aptos Labs, the Boston Consulting Group (BCG), Hang Seng Bank, Standard Chartered, and BlackRock. Based on the report's findings, the HKMA stated it would initially prioritize the e-HKD’s application in wholesale or large-value payments, leveraging its credit risk–free nature as a central bank liability. Concurrently, the authority plans to continue studying potential retail and corporate applications, aiming to lay the groundwork for broader implementation by the first half of 2026. Survey shows strong investor appetiteAmong the program’s participants, Aptos Labs, Boston Consulting Group (BCG), and Hang Seng Bank reported accelerating interest in tokenized funds. A survey they conducted found that 61% of retail investors in Hong Kong and mainland China planned to double their exposure. Held between May and June 2025 among more than 500 retail fund investors, the survey tracked sentiment and appetite for tokenized products. Mainland participants showed particularly strong demand for cross-border access. The findings also detailed differing motivations among Hong Kong investors. Active traders expect to lift tokenized fund allocations from 10% to 26%, attracted by round-the-clock trading and greater flexibility. Wealth transfer planners indicated an expected expansion from 5% to 16%, highlighting programmable fund structures for tailored trusts and transparent oversight. Long-term investors aim to raise exposure from 8% to 25%, citing instant liquidity and the ability to use tokenized assets as loan collateral. Mainland investors projected their allocations would climb from 11% to 24%, reportedly viewing tokenized funds as a practical route around capital restrictions. The survey noted that programmable features could support dynamic allocation across Hong Kong products, the onshore use of profits, and smoother cross-border transfers. BCG commented that the survey outcomes align with Hong Kong's measured advance in crypto oversight, pointing to the city’s stablecoin regime that came into force in August. The Hong Kong Monetary Authority (HKMA) has signaled, however, that licensing under that regime will not begin until early next year. The ongoing development of the e-HKD and the prospective regulation of digital-asset treasuries point to Hong Kong’s broader strategy of integrating digital finance into its mainstream economy. Together, these initiatives underscore a cautious yet steady effort to position the city as a global center for digital finance. 

Aptos and Lotte Group Collaborate on Pink Bear NFTs to Drive Web3 ExpansionLayer-1 blockchain network Aptos took to X (formerly Twitter) to announce a partnership with Lotte Group, an industrial conglomerate based in South Korea with a specialization in the retail business. This strategic collaboration aims to propel Lotte’s expansion into the dynamic Web3 landscape.Photo by 김 대정 on PexelsPink bear NFTsThe initial focus of their collaboration will center around Bellygom, the pink teddy bear mascot of Lotte Home Shopping — a major player in the Korean media commerce industry. NFT projects associated with Bellygom, including the Bellyland universe, are under the stewardship of Daehong Communications, a marketing solutions company affiliated with Lotte. Aptos will play a pivotal role by providing the backend support for the development of Super Jelly, a reward system within Bellyland. These Super Jelly rewards, slated to be launched on the Aptos mainnet, will be attainable through engaging in Jelly Adventures — a collection of diverse games and missions within Bellyland.Aptos and Lotte Group have expressed their enthusiasm for venturing into Web3 initiatives throughout multiple business areas of the South Korean retail giant. Aptos noted that more updates will follow as this collaboration unfolds.Earlier partnership with PolygonThe momentum behind Daehong Communications’ Bellygom NFT initiatives for global expansion grew as it joined hands with blockchain company Polygon in February. This partnership led to the migration of Bellygom NFTs from the Klaytn blockchain to the Polygon blockchain in April.Lotte’s hospitality business and NFTsIn June, Daehong employed NFTs to attract customers to various Lotte entities. Through Korea’s largest NFT trading platform, Pala, the marketing affiliate sold Magic Ride NFTs, aiming to enhance customer engagement for the Lotte World amusement park, Lotte Duty Free, and Lotte Hotels.