Bitget Completes Burning of 30 Million BGB Tokens

BGB Token Burn Event Details

According to Bitget's official announcement, the 30 million BGB token burn is part of the exchange's regular supply reduction plan, using 20% ​​of quarterly profits to buy back and remove tokens from circulation. To date, Bitget has removed more than 42.5% of the total BGB supply, an impressive figure that demonstrates the exchange's long-term commitment to optimizing token value.

This token burn is not only symbolic but also a strategic move to:

• Increase scarcity: Reduce circulating supply, thereby creating upward pressure on prices if demand remains or increases.

• Increase investor confidence: Demonstrates Bitget's commitment to protecting the interests of the BGB holding community.

• Strengthen the ecosystem: Increase the intrinsic value of BGB, which is used in many utilities on the Bitget platform such as transaction fee reduction, staking participation, and promotions.

Impact on the market

Supply reductions typically lead to upward price pressure, especially when demand for BGB remains steady or increasing. Posts on X from the investor community show strong optimism, with many predicting that the token burn will be a catalyst for a potential price increase. Some have noted that with over 42.5% of the supply removed, BGB is moving closer to a state of scarcity, which could boost its long-term value.

Bitget's commitment to using profits to buy back and burn tokens demonstrates transparency and responsibility towards the community. This is especially important in a crypto market that often faces trust issues. It also reinforces Bitget's image as an exchange that focuses on the long-term interests of its users.

BGB is not only a trading token but also the center of the Bitget ecosystem, used in products such as staking, copy trading, and airdrop programs. The increase in the value of BGB can encourage users to participate more deeply in Bitget's services, thereby promoting user growth and trading volume. Bitget's Q3 2024 report shows that the exchange has reached 45 million global users, an increase of 400% year-on-year, demonstrating the growing appeal of the platform.

Market context and comparison

Bitget’s token burn comes amid a volatile crypto market. Bitcoin, for example, has fallen 25% from its all-time high, weighed down by macro factors and technical corrections. Meanwhile, Ethereum is facing a sharp decline in network activity, with the number of active addresses dropping from 650,000 to 400,000 by April 2025.

Compared to other exchange tokens, Bitget's token burn strategy is similar to Binance's model with BNB, but the scale and speed of Bitget's implementation shows its aggressiveness. Removing more than 42.5% of the supply in a short period of time is a strong signal, especially when compared to other exchanges that may conduct token buybacks but do not publicly or achieve the same supply reduction rate.