Bitget has rolled out a major upgrade to BGBTC, its Bitcoin-backed token, adding daily BTC rewards and expanded utility across trading, margin, loans, Launchpool, and PoolX, the exchange announced on July 31. The token remains backed 1:1 by BTC and now supports faster redemption at scale.
The upgrade is built on partnerships with several DeFi infrastructure providers, including Morpho, Gauntlet, Chainlink CCIP, and MorphNetwork. Bitget says the integrations, combined with proof-of-reserves support for secure cross-chain distribution and transparency, are designed to make Bitcoin holdings more productive without sacrificing flexibility for holders.
Yield and Utility Layered on Top of BTC Exposure
By pairing a 1:1 BTC-backed wrapper with money-market and cross-chain infrastructure from established DeFi protocols, Bitget is positioning BGBTC as a way for users to keep Bitcoin exposure while accessing daily rewards and additional use cases, rather than holding BTC passively.
New Listing on PoolX Adds an Incentive
Alongside the upgrade, Bitget's PoolX platform began listing BGBTC directly, letting users lock the token to share a pool of 5,500 UNI tokens as an airdrop reward. The listing gives BGBTC holders an added incentive to route their tokens through PoolX rather than simply holding them in a spot wallet.
The move reflects a broader trend among centralized exchanges to wrap Bitcoin in yield-bearing, DeFi-integrated products that compete with liquid staking and restaking tokens built for other networks.
