Bitget has announced that its native token BGB will be listed on Kraken, extending the asset's reach to a compliance-focused platform present in regulated markets.
This quotation follows the transfer of BGB to the Morph Foundation in September 2025, repositioning the token beyond its initial function as a utility exchange token, according to the official statement from Bitget shared with Yellow.com.
The Kraken site currently shows BGB as "not available," with a note indicating that new listings are added regularly. The exchange has not independently confirmed the listing schedule or trading pairs through its official channels.
BGB now functions as gas and governance token for Morph, a Layer 2 blockchain optimized for payments. The Morph Foundation has burned 220 million BGB and locked 220 million more, releasing 2% per month for ecosystem development.
What happened
The CEO of Bitget, Gracy Chen, presents this listing as a step in the evolution of BGB, moving from platform token to Web3 ecosystem asset. The exchange serves over 125 million users according to its proof of reserves disclosure.
The CEO of Morph, Colin Goltra, stated that broader distribution and better 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 via the GetGas feature of the Bitget wallet. Bitget allocates 20% of its quarterly profits to buybacks, having burned 30 million BGB in the second quarter of 2025 for a value of $138 million.
A significant supply unlock of 140.56 million BGB occurred on January 26, 2026, representing 7.76% of the adjusted circulating supply and valued at approximately $528 million. Such 'cliff' unlocks typically lead to short-term downward pressure on altcoin prices.
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Why this matters
The listing decision partly depends on Kraken's regulatory positioning in several jurisdictions where exchange operations are increasingly scrutinized. Kraken holds licenses in multiple markets and emphasizes compliance infrastructure around custody and market integrity.
The integration of BGB with Morph Layer 2 extends its utility beyond trading fee discounts to gas payment and governance functions. However, the pace of adoption remains uncertain, with Morph competing against established Layer 2 solutions, including Arbitrum, Optimism, and Base.
The token trades at around $3.52 with a market capitalization of approximately $2.46 billion according to data aggregators. BGB reached an all-time high of $8.16 in January 2024 before retracing in the context of broader altcoin weakness.
Competing tokens from exchanges Binance (BNB) and OKX (OKB) hold significantly larger market positions and benefit from deeper integration within their respective ecosystems. Bitget holds about 0.08% of the centralized exchange market dominance, creating strong competition for user acquisition.
The monthly unlocking schedule of the Morph Foundation releases 4.4 million BGB for liquidity incentives, developer grants, and user training. These controlled unlocks aim to avoid market shocks while financing ecosystem growth through 2026.
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