Bitget, a global cryptocurrency exchange and web3 company, has released its latest Proof of Reserves (PoR) update, enabling transparent monitoring of the company’s reserve status, with a focus on its key assets: BTC, ETH, USDT, and USDC.
Bitget’s August Proof of Reserves data
In August 2024, Bitget’s PoR data saw significant changes. User holdings of ETH rose by an impressive 22%, the highest increase for this asset this year. BTC continues its upward trend, posting a 6% gain, while USDC is also showing positive results, reflecting user confidence in these key assets.
As of the end of August 2024, Bitget’s total reserve ratio was 176%, up 9 percentage points from July’s 167%. Detailed reserve ratios for major assets are as follows:
| Assets | Platform assets | User assets | Reserve ratio |
| BTC | 18,905.85 BTC | 6,492.53 BTC | 291% |
| USDT | 1,041,659,177.52 USDT | 858,766,618.14 USDT | 121% |
| ETH | 123,686.9 ETH | 81,625.78 ETH | 152% |
| USDC | 77,244,895.83 USDC | 13,633,360.87 USDC | 567% |
August PoR data confirms the strengthening of the exchange’s reserves across all key assets, with a notable increase in user assets in BTC and ETH and significant improvement in reserve ratios for USDT and USDC, which stand at 121% and 567%, respectively.
Our leadership position in the web3 space is based on providing the highest standards of security and transparency. Monthly Proof of Reserves updates guarantee the security of our users’ assets, and we set the standard for trust and reliability among CEX exchanges. We continue to protect our users’ assets.
– says Gracy Chen, Managing Director of Bitget.
From January to August 2024, Bitget saw significant growth in user assets across all major cryptocurrencies. The largest increase was in ETH, which increased by 200.88%. BTC also saw a strong 96.55% increase, and USDT gained 69.89%, confirming stable accumulation. USDC rose by 30.17%, indicating stable, if more moderate, user engagement. Overall, this period was characterized by significant and varied growth in user assets on the platform.
The updated PoR data confirms that Bitget maintains reserves well above 100%, which effectively safeguards user assets and ensures the possibility of full withdrawal of funds even in the event of a withdrawal of all assets.
Additionally, the exchange is increasing its user protection with a $300 million protection fund, which is now valued at over $400 million, according to the latest reports. This fund acts as an additional barrier against cyber threats. Users whose accounts have been compromised due to incidents unrelated to their actions or market events can file a claim for their recovery.
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, Bitget facilitates smart trading with its innovative copy trading feature and a range of other trading tools. Bitget Wallet, formerly known as BitKeep, is a versatile multi-chain crypto 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 to promote the use of cryptocurrencies worldwide.
For more information, visit the Bitget website and their profiles at TwitterTikTok, Telegram, LinkedIn and Discord.
