According to Bitget, the company has upgraded its Bitcoin-backed BGBTC asset with daily Bitcoin rewards, cross-chain transfers through Chainlink CCIP, and independent oversight from Gauntlet. The upgraded BGBTC will distribute daily rewards denominated in BTC to token holders while maintaining a 1:1 peg with Bitcoin. The asset is designed to allow users to earn yield without selling their underlying Bitcoin exposure, positioning it as an alternative to holding idle Bitcoin or moving BTC into separate yield strategies. BGBTC already has several uses within the Bitget ecosystem, including futures margin, lending collateral, and participation in the exchange's Launchpool and PoolX products.
As reported by Bitget, the company selected Chainlink's Cross-Chain Interoperability Protocol (CCIP) as the canonical infrastructure for distributing BGBTC across multiple blockchain networks. Chainlink CCIP provides the messaging layer needed to move the asset between supported chains, allowing holders to access decentralized applications and financial services outside Bitget's centralized platform while retaining exposure to the Bitcoin-backed token. The upgrade introduces support for large-volume and faster redemptions, with the company adding institutional-grade risk controls and greater transparency to the platform. However, Bitget did not identify every blockchain that will initially support BGBTC through CCIP or provide a schedule for additional network deployments.
According to Bitget, Gauntlet has been appointed as BGBTC's independent curator and will supervise the strategies used to generate rewards for holders. The quantitative risk-management firm will monitor the underlying portfolio, assess risks and help determine how capital is deployed, with the framework intended to support the long-term sustainability of BGBTC's yield rather than relying on an unmanaged set of strategies. However, rewards remain tied to the performance and sustainability of the underlying yield strategies, and a Bitcoin-backed token can carry platform, custody, smart-contract and liquidity risks that differ from holding BTC directly. The company is also working with infrastructure providers, including Chainlink and Morph, as it seeks to connect centralized and decentralized financial services through a broader Bitcoin yield network.
According to reports from Bitget Wallet, the company will launch Assetback on August 1, allowing eligible card users to convert purchase rewards automatically into seven different assets. The program offers a 2% base reward for cardholders, with qualifying users able to unlock up to 3% during booster periods. Users can select from Bitcoin, tokenized gold, three U.S. stocks (Nvidia, Tesla, Alphabet), an S&P 500 product, and USDC. Rewards become redeemable seven days after transactions and require at least one USDC before withdrawal. The program replaces the card's previous zero-fee rewards program, with new users and customers who meet a monthly spending threshold able to receive up to 3% through the booster tier.
According to Bitget, users will need Bitget Wallet app version 9.5.3 or later to access the updated card. The company describes the process as applying 'dollar-cost averaging' to routine spending. The model replaces the card's previous zero-fee rewards program, with monthly caps, merchant-category exclusions and risk reviews applying to the advertised rates. For US investors, access to BGBTC and related Bitget services may depend on geographic and product restrictions, with users needing to confirm availability in their jurisdiction before transferring funds. The company cited monthly crypto-card payment volume of $656 million in May, up from $271 million one year earlier, though specific reward rates and redemption thresholds were not provided in the announcement.
