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BTC Bitcoin rebound drives the value of Bitget's reserves to rise
Bitget announced that the average balance of its protection fund in August was US$382 million. As the Bitcoin (BTC) market rises, the dollar value of the exchange's reserves increases.
According to the latest monthly report data released by the exchange, the fund peaked at $441.5 million on August 27 and hit a low of $345.3 million on August 1. Currently, Bitget holds this reserve in the form of holding 5,500 BTC. Throughout August, despite market fluctuations, the fund's valuation never fell below the original promised bottom line of $300 million.
These daily data reflect that Bitcoin prices rebounded strongly in mid-to-late August after a downturn at the beginning of the month, with a price range ranging from US$62,773 to US$80,268 for the entire month. From August 1 to August 31, Bitcoin prices rose more than 25%, giving the fund a closing balance at the end of the month to approximately $432 million.
Reserve Management and User Security
Bitget CEO Gracy Chen said that rising market conditions will not weaken the need for strong safeguards. She emphasized that as exchanges continue to expand in asset classes, user protection mechanisms must also be upgraded simultaneously. Chen Jiaying pointed out that maintaining the openness and transparency of reserves is "an important part of building a platform trust system."
The protection fund complements Bitget's "Proof of Reserves" mechanism. The company claims that this mechanism ensures that its main asset positions are always higher than user balances, thereby providing additional protection for user funds.
Bitget launched a protection fund with an initial size of no less than US$300 million in 2022. Since the reserve is mainly held in the form of bitcoin, its dollar value has always fluctuated with market conditions.
