Intchains Group Ltd (NASDAQ: ICG)

Intchains Group Limited is an innovative altcoins development company that primarily engages in the provision of altcoin mining products, the strategic acquisition and holding of Ethereum-based cryptocurrencies, and the active development of innovative Web3 applications. It operates through PRC subsidiaries and has expanded globally with a focus on mining hardware and staking services.

The company generates revenue primarily from the sale of altcoin mining machines that incorporate its proprietary ASIC chips, and it also earns fees from its cryptocurrency staking platform, Goldshell Stake.

The company operates through the following segments.

• Altcoin mining products – designs and sells ASIC chips and integrated altcoin mining machines for cryptocurrencies such as Dogecoin, Kaspa, Alephium and others under the Goldshell brand, using a fabless model to deliver high performance hardware to global customers.

• Cryptocurrency staking platform – provides staking services for Ethereum, Avalanche, Manta and Conflux through the Goldshell Stake service, aiming to generate recurring revenue from individual and institutional investors.

The altcoin mining market is fragmented with many participants, but Intchains Group Limited holds a leading position as a fabless provider of high performance ASIC chips optimized for key blockchain algorithms, supported by its innovative Xihe technology platform, a broad product portfolio, stable relationships with major suppliers and an experienced management team backed by strong research and development capabilities.

The company serves a customer base mainly consisting of distributors and individual end user miners, with its revenue concentrated among a few key accounts; for the year ended December 31 2025, three customers each contributed more than ten percent of total revenue, representing 35.1 percent, 27.0 percent and 22.4 percent respectively.