Bitget Crypto Exchange Announces Debt-Free Status and $1.44 Billion Reserves in July Report

Bitget
Last updated:
Author
Author
Fredrik Vold
About Author

Last updated:
Why Trust Cryptonews
Cryptonews has covered the cryptocurrency industry topics since 2017, aiming to provide informative insights to our readers. Our journalists and analysts have extensive experience in market analysis and blockchain technologies. We strive to maintain high editorial standards, focusing on factual accuracy and balanced reporting across all areas - from cryptocurrencies and blockchain projects to industry events, products, and technological developments. Our ongoing presence in the industry reflects our commitment to delivering relevant information in the evolving world of digital assets. Read more about Cryptonews
Source: AdobeStock / Rafael Henrique

Bitget crypto exchange has announced that its reserves have reached a high of $1.44 billion, and that it is officially debt-free.

As per Bitget’s announcement, the exchange’s overall reserve ratio now stands at 223%, more than twice the standard 100% (or 1-to-1) backing that is expected of all exchanges in the industry.

Broken down into different digital assets, the exchange said it has a reserve ratio of 454% for Bitcoin (BTC), 135% for Tether (USDT) and 171% for Ether (ETH).

No debts

Notably, a representative for Bitget told Cointelegraph in an interview that the exchange has no debts not accounted for in the published reserve ratio.

“Bitget has no outstanding debts or liabilities and is not listed as a creditor for any recently bankrupt companies,” the exchange’s representative said.

The Bitget representative explained that the excess large reserves it holds in crypto, which far exceeds the normal 1-to-1 backing, comes from profits from transaction fees and returns from its own investments and acquisitions.

The exchange did not reveal any plans about what it plans to do with its excess crypto reserves.

Regular proof-of-reserve statements

In a media statement, Bitget’s managing director Gracy Chen said that the company will continue to release monthly proof-of-reserve statements to build trust in their platform.

Bitget also endeavors to set higher standards industry-wide — collaborating across exchanges to advocate for radical transparency through crypto’s evolution, Chen added.

Earlier this month, Bitget launched a new crypto lending program that will let users stake their own coins in exchange for loans in another.

“Users now have the opportunity to stake less-demanded coins, enabling them to obtain loans in more liquid assets for investment purposes,” Bitget’s Gracy Chen said at the time.

In June, Bitget, along with rivals Kraken and Bybit, was mentioned by blockchain research firm Nansen as one of the crypto exchanges that have gained ground in the aftermath of the FTX collapse.

More Articles

Opinions
Opinion: Crypto Has a Trust Problem—Here’s How We Can Fix It
Mona El Isa
Mona El Isa
2025-02-16 18:08:06
Features
Coinbase Just Made Huge Predictions on Crypto’s Future
Connor Sephton
Connor Sephton
2025-02-16 18:03:15
Crypto News in numbers
editors
Authors List + 66 More
2M+
Active Monthly Users Around the World
250+
Guides and Reviews Articles
8
Years on the Market
70
International Team Authors