- Bitget has outlined a new token buyback plan in its newly published whitepaper.
- The exchange will burn 40% of its native token, BGB.
- Future burns will include 20% of exchange profits used to purchase BGB from the market.
Bitget has announced plans to burn 800 million BGB tokens, valued at approximately $6.8 billion. In the whitepaper it recently released, the exchange states an initial token burn equal to 40% of its total supply.
According to the whitepaper’s details, this initial burn amounts to around 800 million BGB, and once completed the circulating supply of the exchange’s native token will fall to roughly 1.2 billion.
Quarterly burns and BGB buybacks
Starting in early 2025, the whitepaper states Bitget will implement quarterly burns for BGB. The plan also calls for quarterly burns equal to 20% of profits from Bitget’s exchange operations and its crypto wallet business. Funds generated from these operations will be used to buy back and burn BGB from the market.
Recently, on December 26, Bitget announced a merger between the Bitget Token (BGB) and the Bitget Wallet Token (BWB).
Following the merger, the two tokens will combine into a single unified token. BGB will serve as the unified token for both Bitget’s centralized and decentralized ecosystems.
Key benefits
BGB holders will retain several benefits, including VIP privileges, fee discounts, and access to token farming through Launchpool.
Bitget has reassured users that the merger of Bitget Token and Bitget Wallet Token will not change BGB’s supply, with a conversion rate set between 11.6 BWB and 1 BGB.
Amid the announcement, BGB’s price rose sharply—up around 22%—contributing to notable altcoin gains over the past 24 hours.