Bitget, the leading cryptocurrency exchange and Web3 company, has released a new whitepaper for its native token, Bitget Token (BGB). The update introduces an unprecedented initiative to burn 800 million BGB tokens — valued at over $5 billion based on current market prices — alongside plans to expand the token's utility. This move shows Bitget’s commitment to enforce a deflationary supply model for BGB, accelerating its utility.

The new whitepaper introduces an ambitious token burn plan, starting with the immediate and permanent burn of 800 million BGB - 40% of the total supply - reducing the circulating supply to 1.2 billion. Beginning in 2025, Bitget will initiate quarterly burns by allocating 20% of profits from Bitget Exchange and Bitget Wallet, including revenues from spot, futures, and NFT transactions, to buy back and burn BGB. All burn activities will be recorded on-chain, ensuring transparency and accountability to the community.

‍
Bitget recently announced the merger of Bitget Token (BGB) and Bitget Wallet Token (BWB). Following this merger, BGB will serve as the unified token for Bitget’s centralized and decentralized ecosystems. Currently, BGB offers various benefits to its holders, including fee discounts, VIP privileges, and access to token farming through Launchpool. Looking ahead, Bitget plans to expand BGB’s utility within on-chain ecosystems, positioning it as a core asset for staking, liquidity provision, and airdrop eligibility. Additionally, BGB will power Bitget Wallet services, such as multi-chain gas fee payments, while extending its use cases to everyday PayFi scenarios.

‍

In the competitive landscape of crypto exchanges, Bitget has distinguished itself as the fastest-growing centralized exchange (CEX) in recent years. This achievement is conquered by a team of 1,600 professionals across 60+ countries, a comprehensive ecosystem encompassing fiat, spot, margin, and futures trading, and cutting-edge technology ensuring a seamless trading experience. Bitget further strengthens user confidence with advanced security measures, including a $600M Protection Fund and a monthly updated Proof-of-Reserve report. Its proactive compliance strategy, and acquisition of licenses in multiple jurisdictions, strengthens its position as world’s leading CEX.

‍

"CEXs are the backbone of crypto's growth towards mass adoption. Bitget's mission of fuelling the next wave of innovation will unfold in the coming year, said Gracy Chen, CEO at Bitget. "Our decision to burn $5 billion worth of BGB aligns with our plans of making it a powerful medium of transacting value. Our next phase will extend BGB's utility on-chain, integrating it into more Dapps and bringing it to the masses, making BGB available to all, making PayFi a part of everyday life,” she added.

‍

BGB has shown exceptional performance in 2024, with its market capitalization increasing by over 1000% in the past year and over 100-fold since its inception. This impressive growth is backed by a proven track record of the token’s strong use cases and the success of Bitget’s innovative ecosystem.

The release of the updated BGB whitepaper marks an important moment in Bitget’s journey. By reducing supply, enhancing utility, and expanding real-world applications, BGB is bound to strengthen more functionalities and products in the Bitget ecosystem driving sustainable growth and long-term value for holders.

To learn more about the new BGB whitepaper, visit this link.

FAQs

1. What is BGB Burn?

Since its issuance, the total supply of BGB has remained fixed at 2 billion tokens. Starting in 2025, Bitget plans to introduce a BGB buyback and burn mechanism, officially ushering BGB into a deflationary era.

2. When will the first burn take place?

The first burn will be completed in the following days, with on-chain burn records to be published. Starting in 2025, BGB will be burned on a quarterly basis.

3. How many BGB tokens will be burned in the first burn?

To better co-build the BGB ecosystem with the community, the Bitget team has decided to proactively burn 800 million BGB tokens held by the core team in a single event. This accounts for 40% of the total BGB supply and is valued at over $5 billion based on the current BGB price. After the burn, the total supply of BGB will decrease to 1.2 billion, all of which will be fully circulating.

4. Of the 800 million BGB burned in the first burn, how much is circulating and how much is locked?

The 800 million tokens to be burned represent 40% of the total BGB supply, with 21% currently in circulation and 19% in a locked state.

5. How many BGB tokens will be burned each quarter?

Each quarter, Bitget will allocate 20% of the profits from its exchange and wallet businesses to buy back and burn BGB. These profits come from trading fees generated by spot, futures, and margin trading on the Bitget Exchange, as well as fees from swaps, futures, and NFT transactions in Bitget Wallet.

6. How long will the quarterly BGB burns continue?

As long as Bitget remains profitable, the quarterly BGB burns will continue indefinitely. No end date has been set at this time.

7. What else is included in the new BGB whitepaper?

The new whitepaper outlines future plans for BGB's utility, highlighting the goal of empowering BGB across more scenarios. The token’s application is set to expand from off-chain to on-chain, from the crypto industry to the real world, becoming a bridge that connects Bitget's larger business ecosystem. Going forward, we will focus on enriching BGB’s use cases across three key areas: on-chain applications, PayFi payment scenarios, and internal platform benefits. For more details, please refer to the whitepaper.

About Bitget

Established in 2018, Bitget is the world's leading cryptocurrency exchange and Web3 company. Serving over 45 million users in 150+ countries and regions, the Bitget exchange is committed to helping users trade smarter with its pioneering copy trading feature and other trading solutions while offering real-time access to Bitcoin price, Ethereum price, and other cryptocurrency prices. Formerly known as BitKeep, Bitget Wallet is a world-class multi-chain crypto wallet that offers an array of comprehensive Web3 solutions and features including wallet functionality, token swap, NFT Marketplace, DApp browser, and more.

‍

Bitget is at the forefront of driving crypto adoption through strategic partnerships, such as its role as the Official Crypto Partner of the World's Top Football League, LALIGA, in EASTERN, SEA, and LATAM markets, as well as a global partner of Turkish National athletes Buse Tosun Çavuşoğlu (Wrestling world champion), Samet Gümüş (Boxing gold medalist) and İlkin Aydın (Volleyball national team), to inspire the global community to embrace the future of cryptocurrency.

‍

For more information, visit: Website | Twitter | Telegram | LinkedIn | Discord | Bitget Wallet

For media inquiries, please contact: media@bitget.com

‍

Risk Warning: Digital asset prices may fluctuate and experience price volatility. Only invest what you can afford to lose. The value of your investment may be impacted and it is possible that you may not achieve your financial goals or be able to recover your principal investment. You should always seek independent financial advice and consider your own financial experience and financial standing. Past performance is not a reliable measure of future performance. Bitget shall not be liable for any losses you may incur. Nothing here shall be construed as financial advice.