Bitget Launches $6.8B BGB Token Burn Program for Q4

Bitget has made a bold move that could reshape the future of Bitget Token—BGB. The exchange revealed plans to burn 40% of BGB’s total supply, equaling 800 million tokens worth over $6.8 billion. This massive token burn aims to increase BGB’s scarcity and, in turn, raise its value.

A Strategic Move to Drive Value

Burning such a large portion of BGB shows Bitget’s commitment to long-term growth. Reducing the circulating supply will create a supply crunch, which could drive up demand. Bitget plans to fund this burn with 20% of its quarterly profits from trading and crypto wallet services. 

This strategy is similar to successful moves made by other exchanges, such as Binance. Bitget aims to replicate their success, hoping this will strengthen the token's position in the market. The burn program will begin in 2025 and continue quarterly.

Merging Tokens to Streamline Operations

Bitget is also merging its Bitget Wallet Token (BWB) into BGB. This will allow users to manage both exchange and wallet functions with just one token. The platform has set a conversion rate of 11.68 BWB for each BGB. 

This move simplifies the platform, making the experience smoother and more efficient for users. By unifying the tokens, Bitget aims to improve operational efficiency and enhance user convenience. The exchange has also updated its BGB whitepaper to reflect these changes. 

This development signals Bitget’s commitment to transparency and innovation. As the platform moves forward, the effects of these changes on BGB’s performance will be closely watched by investors.