Intchains Group
Intchains Group Limited (Nasdaq: ICG) designs ASIC-based cryptocurrency miners under the Goldshell brand, operates a Proof-of-Stake platform, and holds a strategic Ethereum treasury, serving global altcoin miners, crypto stakers, and Web3 merchants.
- Company typePublic
- Founded2017
- HeadquartersPudong, China
- Headcount101–250
- GTM typeB2B and B2C
- OfferingHardware or Manufacturing
What Intchains Group does
Intchains Group Limited (Nasdaq: ICG) is a Singapore-headquartered designer and manufacturer of high-performance computing ASIC chips and blockchain infrastructure, founded in 2017. The company operates an R&D center in Shanghai's Pudong Lin-Gang district and conducts global business outside mainland China. Its core activities span three reported lines: Goldshell Mining Products (ASIC-based cryptocurrency miners sold under the Goldshell brand), Goldshell Stake (a Proof-of-Stake service platform launched in December 2025 via the acquired ECHOLINK platform), and ETH Holdings (a corporate Ethereum treasury in which the company holds approximately 9,070 ETH as of February 2026, ranking among the top 10 public companies by ETH holdings).
The company's underlying technology consists of application-specific integrated circuits optimized for individual blockchain consensus algorithms, supplemented by the Xihe platform supporting ZK proof generation. Goldshell-branded product lines include dedicated altcoin miners (BYTE Series, XT BOX, AE BOX), the Goldshell Pay crypto payment terminal, and a staking platform delivered via the ECHOLINK acquisition. The company reports a leading position in Aleo computing servers, claiming approximately 70% market share in that segment. It has also disclosed "Computing Power + DeFi" integration as part of its operating model, and partnerships with institutional crypto infrastructure providers such as FalconX.
Revenue is generated predominantly through hardware unit sales, supplemented by a growing contribution from staking services (Goldshell Stake) and on-chain business operation services. FY2025 revenue was US$31.6M (RMB 220.9M), down 21.6% YoY. The customer base spans individual altcoin miners, crypto stakers, Web3 merchants, and corporate ETH holders. Distribution is global, excluding mainland China, with the Goldshell brand serving as the principal commercial channel.
Intchains Group firmographics
Firmographics- Name
- Intchains Group
- Legal name
- Intchains Group Limited
- Website
- https://intchains.com
- Company type
- Public
- Founded year
- 2017
- Operating status
- Operating
- Headcount range
- 101–250 employees
- Short description
- Intchains Group Limited (Nasdaq: ICG) designs ASIC-based cryptocurrency miners under the Goldshell brand, operates a Proof-of-Stake platform, and holds a strategic Ethereum treasury, serving global altcoin miners, crypto stakers, and Web3 merchants.
- Ownership category
- akta.pro rank
Intchains Group industry classification
Industry- Product category
- Cryptocurrency Mining Hardware
- NAICS
- Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320), Mining Machinery and Equipment Manufacturing (333131), Computer and Peripheral Equipment Manufacturing (33411)
- SIC
- Security & Commodity Brokers, Dealers, Exchanges & Services (6200), Finance Services (6199)
- akta.pro primary industry
- Mining Software, Firmware & Monitoring Platforms (FSADAOAF)
- akta.pro secondary industries
- Custodial Staking Providers (FSADAHAG), Treasury Management & Corporate Crypto Yield Programs (FSADAHAL), Payment Orchestration, Routing & Smart Transaction Management (Crypto) (FSADAIAJ)
Keywords
Where Intchains Group is headquartered
LocationHeadquarters
- HQ city
- Pudong
- HQ country
- China
- HQ region
- Asia
Offices2 records
Markets served
Intchains Group business model
Business model- GTM type
- B2B and B2C
- Offering type
- Hardware or Manufacturing
- Cost components
- Personnel, Supply Chain, Technology or R&D, Operations, Marketing or Sales, Infrastructure
Revenue model
- ASIC Chip and Mining Machine Sales: Sale of high-performance computing ASIC chips and mining equipment (including Goldshell branded products like AE BOX, BYTE Series, ECHO Series, XT BOX) for altcoin mining including ALEO, Dogecoin, XTM products. Revenue is recognized upon product delivery with prices dependent on chip performance and market conditions.
- Blockchain Staking Services: Goldshell Stake platform provides staking services for ETH, AVAX, MANTA, and CFX blockchain networks. The company earns fees from customers staking assets on the platform. The company also stakes its own ETH holdings to generate yield from idle treasury assets.
- Cryptocurrency Asset Appreciation: The company strategically acquires and holds Ethereum-based cryptocurrencies (ETH) as long-term asset reserves. Gains/losses realized through appreciation in cryptocurrency values, selling holdings, and staking yields. As of September 2024, cryptocurrency assets valued at RMB149.5 million primarily comprising ~4,149 ETH and ~9.8M USDT/USDC.
Go-to-market motion2 records
Distribution channels6 records
Marketing channels10 records
Intchains Group product offering
Product offeringCore offering
Intchains Group designs high-performance computing ASIC chips and Goldshell-branded mining machines (Box, BYTE, AE, ECHO, XT Series) for altcoin mining, and operates complementary blockchain infrastructure services including the Goldshell Stake multi-chain Proof-of-Stake staking platform (ETH, AVAX, MANTA, CFX) and the Goldshell Pay merchant payment solution. The company also strategically acquires and holds Ethereum as a long-term corporate treasury reserve, generating yield through staking.
Product overview
Intchains Group is a Shanghai-based blockchain infrastructure provider operating through a multi-product portfolio organized around its core Goldshell brand. The company offers three interconnected business lines: (1) Goldshell Mining Products — ASIC chip-based mining servers including Box Series, BYTE Series modular miners, AE Series, and ECHO Series for various altcoins; (2) Goldshell Stake — a Proof-of-Stake staking platform covering Ethereum, Avalanche, Manta, and Conflux blockchains, acquired from DxPool; and (3) ETH Holdings — strategic acquisition and holding of Ethereum as corporate treasury reserve. Additional offerings include Goldshell Pay (blockchain payment solution) and the Xihe Platform (proprietary ASIC development platform). The portfolio forms a 'Mining Machine – Asset – Service' Web3 ecological closed loop.
Differentiator
Problem solved
Functional benefit
Brands
- Goldshell Mining Products: Provider of integrated solutions for altcoin mining, including high-performance computing ASIC chip-based mining products for Aleo, Dogecoin, XTM and other altcoins.
- Goldshell Stake
- Goldshell Pay
- Xihe Platform
Products and services
- Goldshell Mining Products Leading provider of integrated mining solutions consisting of high-performance computing ASIC chip-based mining products for altcoins. Product lines include Box Series, BYTE Series modular miners with upgradable sub-cards, AE Series (Aleo-dedicated), and ECHO Series servers for professional data center users. Designed for both home miners and professional mining operations across cryptocurrencies including ALEO, Dogecoin, and XTM.
- Goldshell Stake Blockchain staking platform providing end-to-end staking services covering four major mainstream blockchain networks: Ethereum (ETH), Avalanche (AVAX), Manta (MANTA), and Conflux (CFX). Features front-end user interaction, back-end technical support, standardized operations framework, distributed cloud architecture, encrypted database storage, and API interface services for individual and institutional customers.
- Goldshell Pay
Quantifiable outcome
- ZK proof generation efficiency 30-40x higher than fastest current GPUs
- +5 more outcomes
Companies that use Intchains Group
Customer profileNamed customers3 records
Segments4 records
Ideal customer profiles3 records
Intchains Group technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Integration3 records
Feature5 records
Intchains Group partnerships and signals
Strategic signalPartnerships
Five partnerships are on record, tiered core, strategic and minor.
- ECHOLINK Limited (DxPool)coreAcquisition of a Proof-of-Stake technology platform currently operated by DxPool from ECHOLINK Limited for $1.3 million. The platform adds staking operations for four blockchains: Ethereum (ETH), Avalanche (AVAX), Manta (MANTA), and Conflux (CFX). It features complete source code, deployment configurations, operational playbooks, frontend/backend/API architectures, and existing customer relationships. The acquisition was completed in December 2025.
- AleostrategicCo-hosted AMA with Aleo to collaborate on zero-knowledge proof sector development. Goldshell launched Aleo-dedicated computing servers (AE BOX, AE BOX PRO) in February 2025. Aleo leverages zk-SNARK technology and serves as a privacy layer in the zk ecosystem. Goldshell's AE computing servers achieved 70% market share in the Aleo sector.
- FalconXcoreStrategic partnership with FalconX for ETH treasury yield management. FalconX serves as a partner platform for staking the company's ETH holdings as part of a yield-generating strategy. As of April 2026, 8,040 ETH was staked across FalconX and the proprietary Goldshell Stake platform. The partnership enhances ETH treasury yields through professional capital management and optimized proprietary fund allocation.
- GOLDSHELL PTE. LTD.coreAsset acquisition from a Singapore-based company of Goldshell brand-related assets for US$550,000. The acquired assets included all trademarks, websites, applications, and brand management rights for the Goldshell Web3 infrastructure brand. This acquisition enabled Intchains to enter the downstream production and sales sector across mining equipment and Web3 infrastructure hardware/software products with a multi-brand strategy.
- GF (Greenfield)minorGF (Greenfield) appears as a listed partner/logo on the Intchains website footer, suggesting a partnership or collaborative relationship. Details of the nature of this partnership are not specified in the available source material.
Scale indicators10 records
Recent moves9 records
Expansion highlights5 records
Intchains Group competitors and assessment
Company assessmentDirect peers
- Canaan Inc. Nasdaq-listed designer and manufacturer of ASIC mining hardware (AvalonMiner) and a direct competitor to Goldshell in altcoin/Bitcoin mining rigs, with a similar fabless chip-design model.
- MicroBT (WhatsMiner): Direct ASIC miner competitor producing the WhatsMiner series, focused on Bitcoin and select altcoin mining. Comparable in product category (specialised mining rigs) but materially larger in scale.
Broad incumbents
- Bitmain: World's largest ASIC miner manufacturer (Antminer) and operator of Antpool. The dominant incumbent in crypto mining hardware against which Goldshell's smaller product portfolio competes.
- Bitfarms: Public crypto-mining operator that runs industrial-scale Bitcoin mining and is expanding into HPC/AI compute. Comparable to ICG's mining + treasury positioning, though at much larger scale and focused on BTC.
- Riot Platforms: Large-cap Nasdaq-listed Bitcoin miner with proprietary infrastructure and HPC expansion plans. Comparable as a public mining operator balancing operational cash flow with strategic crypto holdings.
- Coinbase Global: Largest US-regulated crypto exchange offering staking, custody, and payments services to institutions and consumers. Overlaps with ICG's Goldshell Stake and Goldshell Pay businesses at a vastly larger scale.
Emerging players
- Hut 8: Public crypto mining and digital infrastructure operator offering mining, staking, and custody services. Overlaps with ICG's combined mining + staking + treasury strategy.
- Hive Digital Technologies: Public crypto miner pivoting toward AI/HPC compute while retaining Bitcoin and Ethereum staking exposure. Comparable as a smaller-cap diversified digital infrastructure operator.
- Cipher Mining: US-listed industrial-scale Bitcoin miner developing HPC hosting services. Relevant for benchmarking how public mining companies translate hardware expertise into adjacent infrastructure revenue.
- Applied Digital: Public operator of large-scale data centres pivoting from crypto mining to AI/HPC hosting. Comparable as a peer that monetises crypto-era infrastructure for a different compute workload.
Market position
Strengths4 records
Weaknesses4 records
Competitive moat6 records
Key risks7 records
Key highlights6 records
Customer concentration
Intchains Group social profiles
Digital presenceIntchains Group financial estimates
Financial estimateRevenue estimate
Valuation estimate
Intchains Group leadership team
Management profileNumber of profiles
Profiles2 records
Intchains Group subsidiaries and ownership
Company hierarchySubsidiaries1 record
Intchains Group funding detail
Funding detailFunding overview
Funding rounds1 record
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Intchains Group M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Intchains Group
What does Intchains Group do?
Intchains Group designs high-performance computing ASIC chips and Goldshell-branded mining machines (Box, BYTE, AE, ECHO, XT Series) for altcoin mining, and operates complementary blockchain infrastructure services including the Goldshell Stake multi-chain Proof-of-Stake staking platform (ETH, AVAX, MANTA, CFX) and the Goldshell Pay merchant payment solution. The company also strategically acquires and holds Ethereum as a long-term corporate treasury reserve, generating yield through staking.
Is Intchains Group a public or private company?
Intchains Group is a public company. It is classified as public and is currently operating.
When was Intchains Group founded?
Intchains Group was founded in 2017. It employs 101 to 250 people.
Where is Intchains Group based?
Intchains Group is headquartered in Pudong, China, in the Asia region.
How does Intchains Group make money?
Three revenue lines are on record. ASIC Chip and Mining Machine Sales are the primary driver. The others are blockchain Staking Services and cryptocurrency Asset Appreciation.
Who are Intchains Group's main competitors?
Direct peers on record are Canaan Inc. and MicroBT (WhatsMiner). Broad incumbents are Bitmain, Bitfarms, Riot Platforms and Coinbase Global. Emerging players are Hut 8, Hive Digital Technologies, Cipher Mining and Applied Digital.
Does Intchains Group have an API?
No public API is recorded for Intchains Group.
What industry is Intchains Group in?
Intchains Group's product category is Cryptocurrency Mining Hardware. Its primary akta.pro industry code is FSADAOAF, Mining Software, Firmware & Monitoring Platforms, with a secondary code of FSADAHAG, Custodial Staking Providers. Its NAICS code is 522320 and its SIC code is 6200.