Bitget to Burn Over $5 Billion Worth of BGB, 40% of Total Supply

On December 27, the Bitget team released a new version of the BGB whitepaper, announcing the introduction of a buyback destruction mechanism. In the first destruction, 800 million BGB held by the core team will be destroyed at one time, accounting for 40% of the total supply, and according to the current price of BGBs, the value of the destroyed part is more than 5 billion dollars. After the destruction, the total supply of BGB will be reduced to 1.2 billion, and 100% full circulation.

At the same time, BGB will start quarterly repurchase and destruction. Starting from 2025, Bitget will repurchase and destroy BGB with 20% of the quarterly profit from the exchange and wallet business, which consists of the spot, contract, and leveraged transaction fees of Bitget Exchange, as well as the Swap, contract, and NFT transaction fees of Bitget Wallet, and other revenues. The whitepaper also introduces BGB's future rights and interests plan, which will be centered on three parts: on-chain application scenarios, PayFi payment scenarios, and on-site rights and interests scenarios, so that BGB, as a mainstream asset, can be deeply integrated into the popular public chains and the head DeFi ecosystems。