Bitcoin Rally Fuels Bitget Reserves to $432 Million

Bitget's Protection Fund saw its reserves average $382 million in August, buoyed by a significant rally in Bitcoin. The fund, which holds assets in 5,500 BTC, peaked at $441.5 million on Aug. 27 and bottomed at $345.3 million on Aug. 1.

The exchange's CEO, Gracy Chen, emphasized that user protection must scale as the platform expands across asset classes. Keeping reserves publicly visible is 'part of building that trust into the platform,' according to Chen.

The fund works alongside Bitget's Proof of Reserves, which ensures holdings are above user balances for main assets. The Protection Fund launched in 2022 with a $300 million floor and its value tracks Bitcoin's market performance.