Bitget Plans Massive $5B Token Burn Initiative

Bitget is making waves with the release of its latest whitepaper. The document outlines an ambitious plan to burn 800 million Bitget Tokens ( BGB ), currently valued at more than $5 billion. This strategic move underscores Bitget's dedication to a deflationary supply model while expanding BGB’s utility.

In a significant step, Bitget will immediately and permanently burn 800 million BGB—reducing the total supply by 40% and cutting the circulation to 1.2 billion tokens.

From 2025 onward, Bitget will allocate 20% of its profits, derived from its exchange and wallet operations, including spot, futures, and NFT transaction revenues, toward quarterly token burns. All burn transactions will be transparently recorded on-chain to maintain accountability to its community.

Following the merger of Bitget Token (BGB) and Bitget Wallet Token (BWB), BGB has emerged as the unified token for both centralized and decentralized ecosystems within Bitget. Currently, holders enjoy benefits such as fee discounts and VIP privileges also access token farming through Launchpool.

Future plans aim to further integrate BGB into on-chain activities, with roles in staking, liquidity provision, and eligibility for airdrops. Additionally, its applications will be broadened to include multi-chain gas fee payments through Bitget Wallet, seamlessly integrating into everyday PayFi scenarios.

In a rapidly evolving crypto exchange landscape, Bitget has positioned itself as a trailblazer among centralized exchanges (CEXs).

This rise has been fueled by an extensive team of 1,600 professionals spanning over 60 countries, an all-encompassing trading ecosystem, and advanced technology for seamless transactions. The exchange also prioritizes security, with a $600 million Protection Fund and monthly updated Proof-of-Reserve reports. Bitget’s commitment to compliance and license acquisition globally reinforces its status as a leading CEX.

"CEXs underpin crypto's journey toward widespread acceptance," stated Gracy Chen, CEO of Bitget. "Our decision to undertake a $5 billion BGB burn is consistent with our vision of making it a robust vehicle for value transfer. In our next phase, we will extend BGB's reach on-chain, weaving it into more decentralized applications to bring its utility to the masses, where PayFi becomes an integral part of daily life," she continued.

This year, BGB has witnessed impressive growth, with its market capitalization surging by over 1000% in the past year and multiplying 100-fold since its inception. This remarkable trajectory is backed by substantial use cases and the success of Bitget’s innovative ecosystem.

The release of this updated whitepaper marks a pivotal moment in Bitget's trajectory. By strategically reducing BGB supply, enhancing its utility, and expanding real-world applications, Bitget aims to catalyze sustainable growth and deliver long-term value to its token holders.

For further details, users are encouraged to explore the new BGB whitepaper.