First published 29 July 2021, the week the token launched. Expanded in October 2026 for the burns and for Morph, which a portfolio app can still hide behind a single BGB line. BGB is the utility token of the Bitget exchange. On the exchange it can cut fees when you pay them in BGB, under Bitget’s own price list, in a Bitget account. That discount does not travel with a coin you withdrew. An exchange balance is an IOU, not a wallet. What is BNB? is the older version of this shape. What is KuCoin Token (KCS)? is another.
Bitget lost about $387.5 million from hot wallets. That is an exchange ledger is a theft from the company’s wallets. BGB the token is not those wallets. A loss inside an exchange is not a change to the token’s contract, and a token balance on the exchange is still the exchange’s promise.
Two billion, then a series of company burns
BGB launched on 26 July 2021 as an ERC-20, with a stated supply of 2 billion. Around the start of 2025 Bitget burned 800 million, much of it from team holdings, and said the supply then stood at 1.2 billion. It also described further burns, on a formula of its own, aimed at a supply of 100 million. In September 2025 Bitget said it would hand team tokens to the Morph foundation, that Morph would burn a further 220 million, and that BGB would become the gas and governance token of the Morph chain, with burns tied to activity on that chain until the same 100 million figure.
A burn that has a transaction is gone. A burn that is a white paper is a plan. One hundred million is the destination the companies named, not a count you should type into a market-cap sum until an explorer shows it. A page that still says 2 billion is describing the token from launch. The formula can be rewritten. It has already been rewritten once.
Ethereum, the exchange, and Morph
BGB on Ethereum is an ERC-20. BGB inside Bitget is an IOU. BGB on Morph, if that chain is what the withdraw screen is offering, is the gas coin of a different network. Morph is a layer 2 that uses the same 0x address shape as Ethereum. The notebooks are not the same. The wrong network is still the wrong city. A deposit path Bitget has not switched on is not a path you should guess.
Nothing here is an instruction to buy BGB, to stake it, or to use Bitget.
