Bitget launches upgraded BGBTC with up to 2% reference APR

Bitget said BGBTC has completed an upgrade and is now live as a BTC yield-enhanced asset pegged to BTC at a 1:1 ratio. The product is designed to let users convert BTC into BGBTC, keep BTC price exposure and liquidity, and earn BTC-denominated yield paid in BGBTC. The exchange said yield accrues daily with a reference APR of up to 2%, although actual rates adjust dynamically with market conditions. The upgraded structure is managed by a team of Curators, with Gauntlet serving as one of the core Curators responsible for designing and operating on-chain strategies that deploy BTC across relevant markets to generate yield. In the latest upgrade, Bitget said Gauntlet will oversee the underlying yield strategies through an independent curator mechanism. BGBTC now also supports yield deployment on Morph and uses Chainlink CCIP and Proof of Reserve for cross-chain transfers and 1:1 Bitcoin reserve transparency. Bitget positioned BGBTC as a capital-efficiency product that can be used across spot trading, UTA margin, Crypto Loans, Launchpool and PoolX. The company said users can also post BGBTC as trading margin or loan collateral while continuing to earn BTC-denominated yield, and eligible holdings can simultaneously participate in platform reward programs such as PoolX, subject to promotion rules. For access and liquidity, Bitget said users receive BGBTC immediately after staking BTC at a 1:1 ratio. Standard redemption has no additional fees and typically takes 3–5 days, while express redemption converts BGBTC back to BTC instantly at a 1:1 ratio for a small management fee. The latest upgrade also adds faster large-scale redemptions. VIP users receive lower fees, and a daily free express redemption quota is available, with details listed on the product page. Yield starts accruing on T+1 and rewards are distributed on T+2.