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Bitget said its Protection Fund averaged $382 million in August, as a <a href="https://xpertsstudio.com/bitcoin-suisse-plans-job-cuts-and-overseas-expansion/” title=”Bitcoin Suisse Plans Job Cuts and Overseas Expansion”>Bitcoin(BTC) rally lifted the dollar value of the exchange’s reserves.
Bitcoin Rally Lifts Bitget Reserves
The fund peaked at $441.5 million on Aug. 27 and bottomed at $345.3 million on Aug. 1, according to figures the exchange published in its latest monthly report. Bitget holds the reserve in 5,500 BTC. The valuation never dipped below the original $300 million commitment.
Those daily figures put Bitcoin between $62,773 and $80,268 over the month, after a subdued start gave way to a sharp advance in the second half.
The price rose more than 25% between Aug. 1 and Aug. 31, and the fund closed August at roughly $432 million.
Bitcoin Reserves And User Protection
Chief Executive Gracy Chen said rising markets do not reduce the need for strong safeguards, and that user protection must scale as the exchange expands across asset classes. Chen said keeping reserves publicly visible is “part of building that trust into the platform.” The fund works alongside Bitget’s Proof of Reserves, which the company says keeps holdings above user balances across its main assets.
Bitget launched the Protection Fund in 2022 with a $300 million floor, and because the reserve sits in Bitcoin, its dollar value has tracked the market ever since.
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Source: yellow.com