Bitget’s New Token Buyback Plan
- Bitget has outlined a new token buyback plan in its recently released whitepaper.
- The exchange will burn 40% of its native token BGB.
- Future burns will include 20% of exchange profits, which will be used to buy BGB off the market.
Bitget has announced plans to burn 800 million BGB tokens valued at $6.8 billion. The exchange, in its newly released whitepaper, indicates an initial token burn of 40% of its total supply, which amounts to around 800 million BGB. This move will reduce the exchange’s native token’s circulating supply to 1.2 billion.
Quarterly Burn and BGB Buyback
Starting from early 2025, Bitget will introduce quarterly burns for BGB tokens. It will also initiate quarterly burns of 20% of profits from Bitget exchange operations and Bitget crypto wallet. The funds raised through these operations will be used to buy back and burn BGB tokens.
#Bitget introduces a buyback and burn plan to further enhance #BGB value for HODLers with deflationary supply.
🔥 Initial Burn: with 800M tokens, worth $5B+, 40% total supply.
💰 Quarterly Burns: 20% of exchange & wallet profits.Learn more: https://t.co/HcrZJUmYLf
— Bitget (@bitgetglobal) December 27, 2024
On December 26, Bitget announced a merger between Bitget Token (BGB) and Bitget Wallet Token (BWB). Following the merger, the two tokens will serve as a unified token, with BGB becoming the new unified token for both Bitget’s centralized and decentralized ecosystem.
Key Benefits of BGB
Some of the benefits BGB offers to its holders include VIP privileges, fee discounts, and access to token farming via Launchpool. Bitget has assured its clients that the merger will not affect BGB token supply, with the exchange rate ranging between 11.6 BWB to BGB. Following the news, BGB’s price rallied by 22% to lead the top altcoin gainers in the past 24 hours.
