Bitget Announces $6.8 Billion Token Burn and Updated BGB White Paper

Crypto exchange Bitget has announced significant updates to its ecosystem, including the release of a new version of the BGB white paper and plans to burn 40% of the token’s total supply. The burn will involve 800 million BGB tokens, valued at approximately $6.8 billion, drastically reducing the total supply to 1.2 billion tokens.

The burn will be conducted in a single event, with Bitget stating that this move will ensure that 100% of BGB tokens are fully circulated.

Additionally, starting in 2025, the exchange plans to repurchase and burn BGB using 20% of its quarterly profits from exchange and wallet operations. This approach, which was first popularized by Binance, has become a common method used by cryptocurrency exchanges to reduce token supply and increase scarcity.

On December 26, Bitget also revealed plans to merge its Bitget Wallet Token (BWB) with its main ecosystem token, Bitget Token (BGB).

This unification aims to create a single token for both the centralized cryptocurrency exchange and its wallet, streamlining the ecosystem. The company clarified that the total supply of BGB will remain unchanged by the merger, with an exchange rate of approximately 11.68 BWB to 1 BGB.

The new version of the BGB white pape r outlines these changes and emphasizes Bitget’s long-term vision for its token. By aligning its ecosystem and implementing token burns, Bitget aims to solidify its position in the cryptocurrency exchange market.