Bitget, one of the leading cryptocurrency exchanges and Web3 companies, conducted the first burn of its native BGB token, reducing the total supply by as much as 40%. As part of this initiative, 800 million tokens were burned, reducing the token count from 2 billion to 1.2 billion. The tokens were sent to the designated incineration address, which ensured their permanent removal from circulation. 19% of the tokens burned came from the team’s resources, and 21% were tokens from the circulating supply and reserves. This strategic move is intended to increase the value and rarity of BGB, in line with industry practices.
Quarterly BGB burning
In 2025, Bitget plans to implement a quarterly token burning mechanism. 20% of the exchange and portfolio’s quarterly profits will be used to buy back and burn BGB. These profits include transaction fees from spot, futures, and margin trades, and earnings from swaps, futures, and NFTs on Bitget Wallet.
The first burn, with a significant share of tokens dedicated to the core team, is an example of our belief in achieving success in the interests of our community. By reducing supply, BGB is focusing on stronger foundations and a more resilient ecosystem that benefits all users
– he comments Gracy Chen, CEO of Bitget.
The buyback and burn process will occur quarterly and typically be finalized at the beginning of the new quarter. Bitget is committed to transparency by publishing accurate token burn data and on-chain logs after each operation. This initiative reaffirms the company’s commitment to increasing the usability and value of BGB, creating a more sustainable environment for users and stakeholders. Detailed information can be found in the official announcement.
About Bitget
Bitget is one of the leading cryptocurrency exchanges and Web3 companies in the world. Serving over 20 million users from over 100 countries, it facilitates smart trading with its innovative copy trading feature and a range of other trading tools. And Bitget Wallet, formerly known as BitKeep, is a comprehensive multi-chain cryptocurrency wallet that offers users access to a wide range of Web3 solutions and features. The exchange works with trusted partners, such as legendary Argentine footballer Lionel Messi and eSports event organizer PGL, promoting the use of cryptocurrencies around the world.
Bitget is at the forefront of expanding cryptocurrency adoption through strategic partnerships, such as its role as the official cryptocurrency partner of the world’s best soccer league – LALIGAin the markets of Eastern Europe, Southeast Asia and Latin America, as well as global partnerships with top Turkish national athletes such as Buse Tosun Çavuşoğlu (world wrestling champion), Samet Gümüş (gold medalist in boxing) i İlkin Aydın (member of the national volleyball team) to inspire the global community to embrace the future of cryptocurrencies.
More information can be found on the Bitget website and on their profiles at TwitterTikTok, Telegram, LinkedIn and Discord.
