Bitget to Withdraw $120 Million in BGB via Updated Token Burn Mechanism

Cryptocurrency exchange Bitget will destroy 30,006,905 BGB (approximately $120 million) following an update to its quarterly token burn mechanism. This was announced in the blog and social media of the trading platform.

#Bitget unveils a major upgrade to the $BGB burn mechanism — linking quarterly burns to actual on-chain gas usage via @BitgetWallet GetGas.

? 30,006,905 $BGB will be burnt in Q1 2025.

A step toward transparent, utility-driven tokenomics. https://t.co/7eB72Gj6xD

— Bitget (@bitgetglobal) April 9, 2025

According to the new formula, each quarterly token burn will be linked to the on-chain usage of BGB — specifically, the payment of transaction fees through accounts of the GetGas Web3 wallet Bitget Wallet.

“GetGas is a multichain solution for paying fees. Users can pay for transactions with BGB, ETH, USDT, USDC, and other tokens in the Ethereum, Solana, BNB Chain, Base, Morph, and TRON networks,” explains the Bitget Wallet team.

In the first quarter of 2025, users transferred 6943.63 BGB through GetGas to pay fees. According to the published calculations, 30,006,905 BGB (~$120 million) will be burned during this period.

“BGB is becoming an important bridge between centralized and decentralized ecosystems. By linking the burn mechanism to real on-chain usage, we are driving growth and creating a sustainable tokenomics model,” commented Bitget CEO Gracy Chen.

The exchange will make a separate announcement after the burn is completed and will disclose the relevant data on the blockchain. The process of withdrawing tokens from circulation will continue each quarter until the total amount is reduced to 100 million BGB.

BGB Ablaze

The Bitget token was launched on the Ethereum network in July 2021 with a total issuance of 2 billion units.

At the end of 2024, the platform announced the burning of 40% of the issuance (800 million BGB) and the launch of a quarterly token buyback mechanism. At that time, Bitget decided to allocate 20% of the exchange’s income (spot, futures, and margin trading) and wallet (swaps, futures, and NFT trading) to this initiative.

“Launched in July 2021 at a price of 0.0585 USDT, BGB reached an all-time high of 8.5 USDT in December 2024, showing a growth of more than 100 times. According to CoinMarketCap, it ranks among the top three largest centralized exchange tokens by market capitalization,” note the exchange representatives.

At the time of writing, the token is trading at $4.28 and ranks 24th by market capitalization in the CoinMarketCap ranking.

The Purpose of BGB

BGB is the primary token in the Bitget ecosystem: both on the centralized exchange and in the Bitget Wallet. Previously, the wallet had a separate asset — the Bitget Wallet Token (BWB), but at the end of 2024, developers announced its merger with BGB.

BGB holders receive:

• access to new projects. They can participate in token sales on Launchpad and receive airdrops through Launchpool and PoolX.
• discounts on fees. BGB holders receive a 20% discount on fees when trading on the spot market and can apply for VIP status;
• on-chain bonuses. The token can be staked and used as collateral in lending protocols. It also provides access to new airdrops.

BGB can be used to pay fees in Web3 applications via GetGas. In the future, the token will be integrated with Bitget Pay, Bitget Card, and other exchange services. This will offer users discounts and cashback when making purchases.

BGB can be purchased on the Bitget website or in the exchange’s mobile app. It is also available on MEXC, Bitfinex, and other trading platforms.

In March, the Bitget Wallet team launched a staking pool of 1 million BGB with a fixed annual yield of 5%.