Bitget Burn 1.2 Billion BGB Tokens Worth IDR 81 Trillion

JAKARTA - Bitget, one of the world's largest crypto exchange platforms, announced its important move by burning 800 million BGB tokens, equivalent to 40 percent of total supply.

After this arson, the remaining number of BGB tokens was 1.2 billion as of January 1, 2025. The burning value is estimated at 5 billion US dollars (Rp 81 trillion) and aims to increase the value of the tokens still in circulation.

According to the official announcement, Bitget plans to use 20 percent of their quarterly gains to buy back and burn BGB tokens. This strategy resembles Binance's approach to its BNB, which regularly reduces supply to support token value growth. In addition, this step is also designed to support BGB token holders through revenue sharing mechanisms.

This initial fire, with a significant contribution from the ownership of the core team, reflects our belief in achieving success that is in line with our community interests. With supply reduction, BGB is the foundation of a stronger and more resilient ecosystem for all stakeholders," said Gracy Chen, CEO of Bitget.

Burns of these tokens were done days after Bitget completed the merger between Bitget Wallet Token (BWB) and BGB to improve user experience. With more than 45 million global users on the Bitget exchange and 60 million Bitget wallet users, the BGB token has great potential for wider mainstream adoption.

In addition to the benefits of burning, Bitget also plans to integrate BGB tokens with Bitget Pay and Bitget Card, as well as partner with PayFi companies to expand the utility of these tokens in the Web3 ecosystem. BGB holders will also enjoy discounted trading costs and access to token prizes from launching new projects.

Currently, the BGB token has a full valuation of around 12.7 billion US dollars (Rp205.74 trillion) with a daily trading volume of 9.4 million US dollars (Rp152.28 billion). In the last four weeks, the price of BGB has jumped more than 300 percent, reaching 6.38 US dollars (Rp103,356) this week.