Bitget Plans Major BGB Token Burn

Crypto exchange Bitget announced plans to burn 40% of its native token supply, totaling 800 million BGB tokens valued at $6.8 billion.

The exchange will also implement quarterly burns of the BGB token, which will use 20% of profits from exchange operations and its separate crypto wallet for this initiative, as stated in a press release. Starting in 2025, these funds will be allocated to buy back and burn tokens. This strategy is common in the crypto industry, first initiated by Binance and later adopted by other exchanges.

On December 26, Bitget revealed plans to merge Bitget Wallet Token (BWB) into Bitget Token, creating a unified ecosystem token for both its centralized exchange and wallet services. The company clarified that this merger will not alter the total supply of BGB, with an exchange rate set at approximately 11.68 BWB to BGB.

Additionally, the exchange has published an updated whitepaper for the BGB token.