Bitget announced its native token BGB will list on Kraken, extending the asset's reach to a compliance-focused platform with presence in regulated markets.
The listing follows BGB's September 2025 transfer to the Morph Foundation, repositioning the token beyond its original exchange-utility function, according to official Bitget's press-release shared with Yellow.com.
Kraken's website currently shows BGB as "not available," with a note that new listings are added regularly. The exchange has not independently confirmed the listing timing or trading pairs through its official channels.
BGB now functions as the gas and governance token for Morph, a payment-optimized Layer 2 blockchain. The Morph Foundation burned 220 million BGB tokens and locked an additional 220 million, releasing 2% monthly for ecosystem development.
What Happened
Bitget CEO Gracy Chen framed the listing as part of BGB's evolution from platform token to Web3 ecosystem asset. The exchange serves over 125 million users according to its proof-of-reserves disclosure.
Morph CEO Colin Goltra stated broader distribution and improved liquidity support BGB's role in on-chain financial infrastructure. Goltra joined Morph as Chief Growth Officer in January 2025 before becoming CEO in June 2025.
The token's quarterly burn mechanism ties supply reduction to actual usage through Bitget Wallet's GetGas feature. Bitget allocates 20% of quarterly profits to buybacks, having burned 30 million BGB in Q2 2025 worth $138 million.
A significant supply unlock of 140.56 million BGB tokens occurred January 26, 2026, representing 7.76% of adjusted released supply and valued at approximately $528 million. Such cliff unlocks typically introduce short-term price pressure in altcoin markets.
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Why It Matters
The listing decision depends partly on Kraken's regulatory positioning in multiple jurisdictions where exchange operations face increasing scrutiny. Kraken maintains licenses in several markets and emphasizes compliance infrastructure around custody and market integrity.
BGB's integration with Morph Layer 2 extends its utility beyond exchange fee discounts to gas payment and governance functions. However, adoption pace remains uncertain as Morph competes with established Layer 2 solutions including Arbitrum, Optimism, and Base.
The token trades at approximately $3.52 with a market capitalization around $2.46 billion according to data aggregators. BGB reached an all-time high of $8.16 in January 2024 before declining alongside broader altcoin weakness.
Competing exchange tokens from Binance (BNB) and OKX (OKB) maintain significantly larger market positions and deeper integration across their respective ecosystems. Bitget commands approximately 0.08% of centralized exchange market dominance, creating substantial competition for user acquisition.
The Morph Foundation's monthly unlock schedule releases 4.4 million BGB for liquidity incentives, developer grants, and user education. Controlled supply releases aim to prevent market shocks while funding ecosystem growth through 2026.
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