Bitget to Burn 40% of BGB Tokens

Cryptocurrency exchange Bitget announced its intention to burn 40% of the total supply of Bitget Token (BGB). This was reported by the platform's press service.

As a result, the exchange plans to burn approximately 800 million tokens valued at $6.8 billion. After the burn procedure, the total supply of BGB will be reduced to 1.2 billion. This will be the first token reduction from circulation, and the exchange plans to conduct such procedures quarterly starting in 2025. The company will allocate 20% of its profits from operations for this purpose.

In light of this news, the token's value rose by 23% to $8.36, while the market capitalization reached $11.7 billion.

Recall that the cryptocurrency exchange Bitget announced the merging of its two tokens – Bitget Token (BGB) and Bitget Wallet Token (BWB). This was disclosed on December 26 on the platform's official website.