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Cryptocurrency exchange Bitget has announced that it will burn 40% of the entire BGB supply. This figure includes approximately 800 million tokens worth $6.8 billion. As a result of the burn, the total number of BGB will decrease to 1.2 billion.

This is the first withdrawal of tokens from circulation, but the exchange plans to hold such an event every quarter, starting in 2025. The company will allocate 20% of its profits from its operations for this purpose. These funds will be used to buy back BGB and then burn them.

Amid this news, the token price rose by 23% to $8.36, and the market capitalization reached $11.7 billion.

On December 27, the company announced an updated roadmap for Bitget Wallet, in which BGB will become the main token for paying gas fees on several blockchains using the GetGase feature, which will be released in January 2025.