Bitget completes the burn of 30 million BGB tokens, approximately $130 million

Bitget has announced that it has completed the burn of 30 million BGB tokens, as part of its Quarterly Burn Model. This burned amount is equivalent to approximately 130 million dollars and represents 2.5% of the total supply of BGB. 

Bitget and the burn of 30 million BGB tokens worth 130 million dollars

Bitget, famous crypto-exchange, has completed the burn of 30 million BGB tokens, equivalent to almost 130 million dollars. 

This activity is part of its Burn Model trimestrale, which now sees 2.5% of the total supply of BGB destroyed. 

In fact, the decision to initiate scheduled token burns aims to represent a mature approach to tokenomics, especially with BGB growing in the last year. 

In the last six months, Bitget has burned 42.5% of the total supply of BGB, with 19% of the team’s holdings and 21% coming from a combination of circulating supplies and reserve allocations.

At the beginning of 2025, however, Bitget merged its native token Bitget Wallet (BWB) with BGB, to unify the functionalities between CEX and DEX. 

This consolidation has made BGB a bridge between the trading infrastructure, on-chain activity, and user incentives, becoming the value token of the entire ecosystem. 

Bitget and the value token of the BGB ecosystem

As anticipated, BGB has grown in the last year. In terms of price and market cap, in fact, BGB has grown by over 250% compared to April 2024. 

The price of BGB has gone from $1.2 to the current $4.3, with its ATH – All Time High recorded at the end of December 2024, which exceeded $8. 

The market cap also had the same trend, moving from 1.7 billion dollars last year to the current 5.22 billion dollars, with the maximum recorded on December 31, 2024, above 12.7 billion dollars. 

At the time of writing, BGB is in the 24th position in the overall crypto ranking. 

Regarding the growth in value of BGB, Gracy Chen, CEO of Bitget commented:

“The growth of BGB highlights the paradigm shift in the way exchange tokens are perceived. It is no longer just a tool for obtaining discounts on fees: BGB is becoming a pillar of a new digital finance architecture.

With the best performance among the main CEX tokens in the last year, it is emerging as a strategic asset in its own right. This burn is a step forward towards building an ecosystem where value flows more transparently.”

The growth of 404% in one month 

It was December 2024, when the value of BGB rose by 404% in a month, reaching a price of $8.29.

In addition to the general crypto rally of that moment, BGB seems to have grown so impressively also due to other factors. 

In fact, among others, a greater adoption of the token is listed, as well as the growing trust in the Bitget platform and its global expansion strategy. 

It was precisely in that atmosphere that Bitget had announced its plan to burn 800 million BGB tokens, reducing the total supply by 40% to 1.2 billion tokens. 

From January 2025, the quarterly burns started, allocating 20% of the profits derived from spot transactions, futures, and NFT to the purchase and subsequent elimination of BGB.