Leading global cryptocurrency exchange and Web3 company Bitget has released its December 2023 Valuation Report for its Protection Fund. The fund reached a historical high valuation of $424 million, with an average valuation surpassing $413 million, making it the highest value since its inception.
Bitget’s Protection Fund is one of the largest self-insurance funds in the cryptocurrency field. It aims to provide additional protection to users, safeguarding their crypto assets from hackers, fraud, and extreme market conditions, thereby building trust among users.
The Protection Fund is entirely self-funded by Bitget, offering greater flexibility and autonomy in providing asset protection to users. This approach allows for swift and effective asset protection without external complications or policy adjustments. To further enhance the fund’s stability and liquidity in response to external events, Bitget’s Protection Fund includes a diversified portfolio of highly liquid cryptocurrencies such as BTC, USDT, and USDC. In December, the fund maintained stable growth alongside market trends and the surge in BTC prices, reaching a historical peak valuation of over $424 million on December 8th.
Throughout October, the Bitget Protection Fund consistently held a value exceeding $300 million. Influenced primarily by fluctuations in Bitcoin prices, the fund’s book value soared to over $388 million. Recent market volatility has led to an average monthly valuation of $357 million.
Bitget’s December valuation for the Protection Fund:
Highest valuation: $424 million (December 8th)
Lowest valuation: $388 million (December 1st)
Average valuation: $413 million
Bitget’s CEO, Gracy Chen, stated, “Bitget’s pursuit of transparency goes beyond publicly disclosing the valuation report of the Protection Fund. The exchange has always provided verifiable reserve proof data, allowing users to have greater confidence in the security of their assets. Bitget will continue to provide comprehensive fund information, and the public can check the wallet address of the Protection Fund at any time. For more details, please click here.”
About Bitget:
Established in 2018, Bitget is a leading global cryptocurrency exchange and Web3 company. Currently serving over 20 million users across 100+ countries, Bitget is committed to helping users trade more intelligently through its innovative copy-trading feature and other trading solutions.
Formerly known as BitKeep, Bitget Wallet is a world-class multi-chain cryptocurrency wallet that offers a range of comprehensive Web3 solutions and features, including wallet functionality, exchange, NFT marketplace, and DApp browser. Bitget encourages the adoption of cryptocurrencies through partnerships with Argentine football legend Lionel Messi and official esports event organizer PGL.
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