Bitget to Burn $120M in BGB Tokens Under New Utility Model

Bitget has confirmed it will burn more than 30 million BGB tokens in its first quarterly burn of 2025. According to a press release on April 9, the crypto exchange has shifted to a new burn mechanism that uses on-chain utility data to determine burn volumes.

Bitget has adopted a revised mechanism to calculate its token burns, now tying them to on-chain activity. The burn amount is determined by the volume of BGB tokens used to cover gas fees through the platform’s GetGas accounts. 

In the first quarter of 2025, around 6,943 BGB were funneled into these accounts. As a result, Bitget plans to burn 30 million BGB, which is valued at over $120 million at current prices.

Burn Strategy Focuses on Real Utility

The new method reflects a shift toward a usage-driven approach, aligning token removal with how BGB is actively used across the platform. Bitget aims to adjust supply based on user engagement. CEO Gracy Chen shared her perspective on the update, stating, 

“Connecting burn volume to real-world token use encourages adoption while keeping the system transparent and better suited for long-term stability.”

The model replaces previous fixed or manual token burn schedules with a system designed to adapt to market usage. Bitget noted that this approach may result in changes in burn volume from quarter to quarter, depending on user engagement.

Token Performance and Market Trends

At the time of writing, BGB was priced at $4.09, showing a daily decline of 1.58% and a weekly decrease of 10.73%. Meanwhile, the circulating supply is 1.2B BGB, giving the token a market capitalization of nearly $4.9B. Trading volume in the last 24 hours reached approximately $285 million, up 13% from the previous day.

BGB remains more than 50% below its peak value of $8.45 recorded in December 2024. The new burn mechanism may bring increased interest in the token, depending on market reactions and future utility-based activity.

Background and Recent Developments

In January 2025, Bitget burned 800 million BGB previously held by its internal team. That move cut the token’s supply from 2 billion to 1.2 billion BGB. The company stated that this burn was part of its long-term strategy to promote sustainable growth and improve supply dynamics.

With the new quarterly model in place, future burns will now reflect actual usage within Bitget’s on-chain products and services. The platform’s recent decision to align token reduction with utility comes as BGB expands its role across various blockchain applications.

Bitget has also continued to build its presence in other sectors. It recently became the first crypto exchange to sponsor a driver in the Porsche Cup Brazil 2025, pointing to broader branding efforts beyond trading.