Bitget Unveils Major BGBTC Upgrade to Make Bitcoin More Capital Efficient

Bitget announced a major upgrade to BGBTC, a BTC-backed yield asset pegged 1:1 to Bitcoin. The upgrade adds daily BTC-denominated rewards, faster large-scale redemption, and expanded utility across trading, margin, loans, Launchpool, and PoolX. Bitget also integrated Chainlink CCIP as the canonical cross-chain infrastructure and uses Chainlink Proof of Reserve for verification, aiming to improve transparency, security, and multi-chain portability. The move highlights a broader industry trend toward making Bitcoin more productive and capital-efficient without forcing holders to sacrifice liquidity. Market impact is likely modest in the short term for BTC price, but supportive of Bitcoin-related DeFi/yield demand and exchange-based wrapped Bitcoin products.