just now
Crypto exchange Bitget has announced that it has completed the intial burn of 800 million of its native Bitget Token (BGB), equivalent to 40% of the total supply, valued at approximately $6.8 billion.
This move, which reduces the total number of BGB to 1.2 billion, is the first major token burn for Bitget. The exchange has also unveiled plans for a quarterly burn programme starting in 2025, where it will allocate 20% of its profits to buy back and burn BGB tokens.
Gracy Chen, CEO of Bitget, explained the rationale behind this decision: “This initial burn, with a substantial contribution from the core team’s holdings, is an example of our belief in attaining success with the interests of our community. With the reduction in supply; BGB signifies the foundation of a stronger and more resilient ecosystem that benefits all stakeholders.”
BGB had surged 100% in the past week and over 400% in the past month. At the time of writing, BGB was trading at $8.10, with a market capitalisation of $11.6 billion.
This token burn comes on the heels of Bitget's recent merger of BGB with its Bitget Wallet Token (BWB), aimed at unifying its centralised and decentralised ecosystems under a single token. The exchange has stated that this move is part of a broader strategy to enhance the utility and scarcity of its native token.
Bitget has experienced substantial growth recently, with its daily trading volume exceeding $30 billion and its user base expanding to 45 million. The exchange maintains a $600 million Protection Fund and publishes Proof-of-Reserve reports as part of its transparency initiatives.
