Bitget Token (BGB)

Bitget Token (BGB) is the exchange token of Bitget, a crypto exchange founded in 2018 that grew mainly through derivatives trading. BGB gives customers lower fees and access to new token offerings, and since late 2024 it has also been the single token of Bitget's self-custody wallet business. In 2025 Bitget handed its BGB holdings to the foundation behind Morph, an Ethereum layer 2 network, so that BGB could become that network's gas and governance token.

BGB is therefore part exchange token, like KuCoin Token (KCS), and part network token, like Cronos (CRO). It is a different asset from Morph as a network, and from BWB, the Bitget Wallet token that was merged into it.

Imagine two airline loyalty schemes run by sister companies: one for the airline itself and one for its travel app. One day the owners fold the smaller scheme into the bigger one, swapping old points for new at a fixed rate. They then shred a large share of the points they still hold, and later give most of the rest to the operator of an airport, where the points become the currency for landing fees.

That is roughly BGB's path. Customers use it for cheaper trading, holders of the old wallet token were switched over to it, a large burn reduced the supply, and the Morph network now uses BGB for its fees and votes. What holders are really betting on is that Bitget and Morph both stay busy.

Bitget launched in 2018 as a centralized exchange and issued BGB in 2021 with a total supply of 2 billion tokens. The company took a majority stake in the self-custody wallet BitKeep in 2023 and renamed it Bitget Wallet, which later issued its own token, BWB. In December 2024 Bitget announced that BWB would be merged into BGB and, in the same month, completed a one-time burn of 800 million BGB, cutting total supply from 2 billion to 1.2 billion and giving the token a more deflationary design. BGB's price rose sharply in the days around the two announcements. It also said it would spend 20 percent of quarterly profits from its exchange and wallet on buying back and burning BGB from 2025.

The swap ran at the end of December 2024 at a fixed ratio based on the seven-day average price of the two tokens on Bitget. No new BGB was created; Bitget supplied the tokens from its own holdings and the BWB was burned. The conversion was:

• $\text{BWB held}$ is the number of Bitget Wallet tokens a holder owned.
• $0.08563$ is the fixed number of BGB paid for each BWB.

A holder of 100,000 BWB received $100{,}000 \times 0.08563 = 8{,}563$ BGB. Holders on the exchange were converted automatically, and those using the wallet could swap there. Other exchanges that had listed BWB, such as MEXC, ran the same swap for their customers and then closed BWB deposits and withdrawals, so the old token stopped trading. The merger made BGB the single token across Bitget's centralized and non-custodial products.

Bitget added BGB to Morph, an Ethereum layer 2 that combines optimistic rollup and zero-knowledge techniques, in January 2025. In September 2025 it said it would transfer all 440 million BGB it controlled to the Morph Foundation: 220 million to be burned at once and 220 million locked and released at 2 percent a month. BGB was to become Morph's gas and governance token, and the foundation said future burns would be tied to activity on the network until total supply fell to 100 million. The shift reduced Bitget's direct control over the token's supply but tied BGB more closely to one young network.

• Trading fees. BGB lowers fees on the Bitget exchange, which is best known for perpetual futures.
• Token offerings. Holders can join Bitget's launch and airdrop programmes.
• Network fees and votes. BGB pays gas fees and carries governance rights on Morph.
• Wallet. BGB is the reward and fee token inside Bitget Wallet.

Bitget holds registrations as a virtual asset service provider in several countries but has been warned by regulators in others. Japan's Financial Services Agency warned it in March 2023 and November 2024 for serving Japanese residents without registration, and in 2026 Bitget began closing its services there. In July 2025 Australia's securities regulator cautioned investors that Bitget was offering leveraged crypto futures, at up to 125 times, without an Australian licence. Bitget does not serve the United States.

Critics have questioned how much control one company held over BGB's supply before the Morph transfer, and the large unlocked allocations that remain. As with other exchange tokens, BGB's demand depends heavily on Bitget's trading volumes, and on whether Morph attracts enough users for network fees to matter.

• Bitget
• Morph