Bitget Announces Plans to Burn 40% of Its $BGB Token Supply (~800M Tokens Worth $6.8B)

Starting in 2025, quarterly burns will allocate 20% of platform profits for buybacks. This move aligns with the exchange's commitment to enhancing the token's scarcity and long-term value.

Bitget Global has announced plans to burn 40% of its native token ($BGB) supply, aiming to bolster its ecosystem and utility.

The platform will burn approximately 800 million BGB tokens, valued at $6.8 billion, reducing the total supply to 1.2 billion tokens and achieving 100% circulation.

“Starting 2025, quarterly burns will allocate 20% of profits for buybacks. Also, $BWB will merge into $BGB with a 11.68:1 exchange rate.

$BGB is now the #16 largest crypto by market cap.”, a tweet by Satoshi Club reads.

The move is part of Bitget's strategy to enhance the scarcity and long-term value of BGB tokens. The exchange will begin burning 40% of its platform profits in Q1 2025.

The platform also announced plans to merge its BWB tokens into BGB at a conversion rate of 11.68:1, consolidating its token offerings.

After the announcement, BGB briefly became the 16th largest cryptocurrency by market capitalization.

The token is set to debut as a gas token for GetGas in January, enabling seamless multi-chain gas fee payments. This utility upgrade aims to streamline multi-chain operations for users.

With BGB, users will soon enjoy cross-chain gas payments for effortless transactions across multiple blockchains and simplified interactions for enhanced multi-chain transfers, swaps, and DApp usability.

Bitget's ambitious roadmap underscores its commitment to innovation and expanding BGB's role in the crypto ecosystem. By reducing supply, merging tokens, and boosting utility, the platform is positioning BGB as a key asset for Web3 and decentralized finance.

These developments could reshape how traders and developers interact with blockchain networks, making BGB a token to watch in the coming year. As 2025 approaches, Bitget's vision for BGB promises to deliver both growth and utility for its community.