Bitget has upgraded its Bitcoin-backed BGBTC asset with daily BTC-denominated rewards, cross-chain transfers through Chainlink CCIP, and independent oversight from Gauntlet.

Bitget adds daily Bitcoin rewards to BGBTC

Bitget said the upgraded BGBTC will distribute daily rewards denominated in BTC to token holders. The asset is designed to maintain a 1:1 peg with Bitcoin while allowing users to earn yield without selling their underlying exposure.

The exchange is positioning BGBTC as an alternative to holding idle Bitcoin or moving BTC into separate yield strategies. Those strategies can require users to transfer assets between platforms, manage additional protocols, or accept reduced liquidity.

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BGBTC already has several uses within the Bitget ecosystem. Holders can use the asset as futures margin, lending collateral or for participation in the exchange’s Launchpool and PoolX products.

The upgrade also introduces support for large-volume and faster redemptions, according to Bitget. The company said it has added institutional-grade risk controls and greater transparency, although specific reward rates and redemption thresholds were not provided in the announcement.

Rewards remain tied to the performance and sustainability of the underlying yield strategies. A Bitcoin-backed token can also carry platform, custody, smart-contract and liquidity risks that differ from holding BTC directly.