A newly submitted SEC prospectus from BitGear International (BGIN) offers one of the clearest looks yet at how deeply the company’s business has become intertwined with the Kaspa network — and why institutional players may be positioning early for its long-term expansion.
The filing shows that hardware designed specifically for Kaspa accounted for the overwhelming majority of BGIN’s 2024 sales. More than 90% of all mining-machine shipments last year were KAS-dedicated units, and the company reports that most of its mining revenue also originated from Kaspa-focused operations. In effect, BGIN’s financial performance is now closely tied to Kaspa’s trajectory.
Within the industry analysis section, the prospectus references price projections cited from Cryptonews, which outline a potential path toward $0.12 in 2025 and $1.16 by 2030. Several market observers believe these numbers may underestimate Kaspa’s momentum, noting that infrastructure expansion and miner participation appear to be accelerating ahead of schedule.
Operational disclosures further highlight BGIN’s strategic emphasis on Kaspa. The firm runs Kaspa-specific mining pools and oversees multiple mining farms across the United States, including facilities in Nebraska. A significant portion of its current hardware fleet is already deployed domestically.
The filing also addresses risk considerations, noting an impairment charge the company recorded in 2024 due to declines in the market value of Kaspa-centric mining machinery. BGIN states that KAS price assumptions were used when evaluating asset recoverability, underscoring how sensitive mining inventories and profitability are to market swings.
In summary, BGIN’s SEC documentation paints a picture of a mining and infrastructure provider whose business model is now materially aligned with Kaspa’s success. The long-term forecasts included in the prospectus, even if conservative, add to the growing sense that institutional operators are preparing for broader Kaspa adoption — and view the network as a core focus for future growth.
