17-4-2025 – Bitget, a prominent cryptocurrency exchange and Web3 innovator, has incinerated 30 million Bitget Tokens (BGB), a sum valued at approximately $130 million. This decisive action, executed as part of its quarterly token burn initiative, has slashed 2.5% of BGB’s total supply, underscoring the firm’s commitment to fostering enduring value through deflationary strategies.
Bitget’s latest token destruction marks the inaugural application of a refined mechanism, which allocates 20% of profits from its exchange and wallet operations to repurchase and eliminate tokens every three months. Over the past half-year, the company has obliterated a staggering 42.5% of BGB’s total supply, with 19% drawn from core team reserves and 21% from circulating and reserve pools. This aggressive approach reflects Bitget’s determination to sculpt a robust token economy.
Gracy Chen, Bitget’s CEO, hailed the burn as a pivotal moment in crafting a transparent and dynamic ecosystem. She articulated a vision for BGB that transcends its origins as a mere utility token for trading fee reductions, evolving into a cornerstone of Bitget’s sprawling digital finance architecture. The token’s versatility now spans trading, wallet services, and user incentives, cementing its role as a linchpin in the firm’s Web3 ambitions.
The past year has seen BGB outshine its peers among centralised exchange tokens, buoyed by its expanding utility within Bitget’s trading and Web3 frameworks. A significant milestone came in early 2025, when Bitget merged its wallet-native Bitget Wallet Token (BWB) with BGB, harmonising on-chain and off-chain functionalities. This unification has not only enhanced liquidity but also broadened the token’s practical applications, reinforcing its strategic importance.
Established in 2018, Bitget has rapidly ascended to serve over 100 million users across more than 150 nations. Beyond its flagship exchange, the company’s Bitget Wallet—formerly BitKeep—provides a multi-chain crypto wallet facilitating token swaps, NFTs, and decentralised applications (DApps). Meanwhile, Bitget has ventured into the realm of sports sponsorship, forging alliances with LALIGA and prominent Turkish athletes to amplify its global presence and bridge Web3 innovation with mainstream culture.