The Bitcoin-backed asset remains pegged 1:1 to BTC as Bitget adds faster redemptions, independent oversight from Gauntlet and broader cross-chain utility.
Bitget has upgraded BGBTC, its Bitcoin-backed asset, to add daily BTC-denominated rewards for holders while maintaining a 1:1 backing with Bitcoin, according to the company. The exchange said the update also includes faster large-volume redemptions, institutional-grade risk controls, greater transparency and continued utility across trading, margin, loans, Launchpool and PoolX. A central part of the overhaul is Chainlink’s Cross-Chain Interoperability Protocol, which Bitget selected as BGBTC’s canonical cross-chain infrastructure. The company said the integration, alongside its existing use of Chainlink Proof of Reserve, is designed to support cross-chain transfers while allowing users to verify collateral backing separately from token movement across networks. Bitget said BGBTC is intended to address a common trade-off for Bitcoin holders by allowing them to keep BTC exposure while earning yield and using the asset across multiple products instead of moving funds into separate strategies. Reward levels, however, depend on the performance and sustainability of the underlying yield strategies, and the structure carries platform, custody, smart-contract and liquidity risks that differ from holding BTC directly. Gauntlet has been appointed to independently oversee BGBTC’s yield strategies, monitoring the portfolio, assessing risks and helping determine capital deployment. Bitget said it is also working with infrastructure providers including Chainlink and Morph, and pointed to USDGO Holderyield as part of a broader effort to connect centralized and decentralized finance through a wider Bitcoin yield network. The company did not disclose a fixed annual yield, detailed redemption thresholds, a full list of supported blockchains or a complete cross-chain rollout timeline.