The crypto service Bitget has announced the burning of over 30 million BGB tokens in Q2 2025, amounting to approximately 120 million dollars. This move is associated with a new burning formula that is now linked to on-chain operations.
This is reported by Бізнес • Медіа
New BGB Burning Formula
According to the press release, the company has implemented a mechanism that allows for the quarterly burning of tokens to be tied to the use of the asset in on-chain operations, particularly for covering transaction fees through Bitget Wallet’s GetGas wallets. This innovation promotes a transition to a more transparent and sustainable model that meets regulatory requirements.
In the first quarter of 2025, 6943.63 BGB was spent through GetGas accounts to pay for on-chain fees. Under the new formula, it is planned to burn 30,006,905 BGB this quarter, which, based on current estimates, equals approximately 120 million dollars. All information regarding the burn, including transactions and wallet addresses, will be publicly available on the blockchain, ensuring complete transparency of the process.
“BGB is becoming an important bridge between centralized and decentralized ecosystems. By tying the burning mechanism to real on-chain usage, we stimulate growth and create a sustainable tokenomics model,” commented Bitget CEO Gracy Chen.
The Role of BGB in the Bitget Ecosystem
The BGB token plays a key role in the Bitget ecosystem, both on the centralized exchange and in the decentralized wallet. BGB holders can earn passive income through staking, participate in airdrops on Launchpool and PoolX, and gain access to promising projects through Launchpad and LaunchX. In the on-chain space, BGB is used to pay for multi-network fees and provides token holders with privileges such as VIP statuses and participation in profits from elite traders.
Earlier, in January 2025, Bitget burned 800 million tokens belonging to the project team, reducing the total supply to 1.2 billion BGB, of which 100% is currently in circulation. Launched in July 2021 at a price of 0.0585 USDT, the BGB token reached an all-time high of 8.5 USDT in December 2024, demonstrating more than a 100-fold increase.
According to CoinMarketCap data, BGB ranks among the top three tokens on centralized exchanges by market capitalization and holds a position in the top 30 cryptocurrencies worldwide. More information is available on the official Bitget website.