Exclusive Interview with Bitget CEO Gracy: Printing “Misunderstandings” on Cultural and Creative Tote Bags—Responding to the World with Humor
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Exclusive Interview with Bitget CEO Gracy: Printing “Misunderstandings” on Cultural and Creative Tote Bags—Responding to the World with Humor
From personal public opinion and corporate strategy to family matters, Gracy shared Bitget’s strategic evolution and business logic comprehensively for the first time.
Navigating Web3 tides with focused insightsAuthor: TechFlow
She’s jokingly called “a master of pretense,” yet she boldly printed that very quip onto a branded tote bag—and carried it into an industry conference.
As CEO of Bitget, the world’s leading cryptocurrency exchange, Gracy has, over the past two years, steered this 2,000-person organization from a “quantity-first” to a “quality-first” mindset.
From deepening its presence in Chinese-speaking markets to expanding globally; from pioneering the UEX strategy to embrace traditional assets, to committing its entire workforce to AI in preparation for the silicon-based era—Bitget is rapidly evolving and reshaping the trading ecosystem.
During the Web3 Carnival, we sat down with Gracy for an in-depth conversation covering public perception, corporate strategy, and family life. For the first time, she shared Bitget’s strategic evolution and business logic in full—and reflected on her own transformation from Managing Director to CEO. In this era of profound uncertainty, witness how this female leader harnesses “quiet focus amid the periphery” to command “a much larger stage”—and discover the tenderness and resilience she embodies beyond the CEO title, as a single mother.
Confidence in Facing Criticism: Printing “Misunderstandings” on Branded Totes
Q1: You frequently appear in Chinese-speaking markets. From your perspective, which regions is Bitget currently prioritizing—and how does the Chinese-speaking market differ from other regional markets?
Gracy:
Bitget focuses on the most active regions across the global crypto industry.
Chinese-speaking users account for 25% to one-third of global user volume and trading volume; the U.S. market share is roughly comparable. The European English-speaking (EUEN) market is sizable but geographically fragmented, with notable linguistic and cultural differences across countries—and distinct market characteristics between Eastern and Western Europe. In derivatives trading, certain East Asian markets stand out; however, for spot markets, all the core regions mentioned above remain primary markets, while Latin America, Southeast Asia, and emerging European regions represent new growth frontiers.
Having operated in the industry for over seven years, Bitget serves users across more than 100 countries, with a truly global operational outlook. Most core team members are ethnically Chinese, and I myself grew up in a Chinese-speaking region—Mandarin is my native language. Many team members also come from traditional finance and Web2 tech backgrounds, making our commitment to the Chinese-speaking market unquestionable. It remains our most familiar operational territory—and simultaneously one of the world’s mainstream markets.
Q2: On Xiaohongshu, I’ve seen many of your posts about travel and personal growth. How do you balance travel with your CEO responsibilities? What’s your favorite travel destination—and why?
Gracy:
It’s genuinely refreshing to discuss topics like this—rather than talking shop all the time.
New Zealand was my travel destination during last year’s National Day holiday. Major holidays—including Christmas, National Day, Labor Day, and Spring Festival—are when many team members take time off. During last year’s National Day break, I was invited to speak at a local New Zealand innovation-and-entrepreneurship competition and met with several friends—including a former MIT classmate who now serves as a female Member of Parliament in New Zealand’s Parliament. She even accompanied me on a tour of the New Zealand Parliament. I favor immersive cross-border travel, typically staying five to six days per trip—though in New Zealand, I stayed around seven or eight days, making for an exceptionally deep and joyful experience.
For me—and for our company—travel isn’t just leisure. Yes, we’re known for being intensely hardworking—even jokingly dubbed “the Huawei of crypto.” But let me clarify: That label reflects our “work hard, play hard” ethos—not excessive working hours. For instance, we don’t require daily office check-ins or mandatory physical attendance, despite maintaining offices worldwide. We prioritize outcomes: deliver results, and you enjoy maximum flexibility.
Our team takes vacations—but we expect people to remain engaged and responsive. Disappearing entirely during leave is unacceptable. So I schedule travel around major holidays. This year, for example, I attended Consensus in Miami over Labor Day, as we have pressing U.S.-related matters underway.
If purely for leisure, I’m drawn to exotic destinations like Morocco and Turkey. For laid-back relaxation, Italy is a favorite. Yet my bucket list still includes places I haven’t visited—like Tanzania, to witness the Great Migration, or polar expeditions to the Arctic and Antarctic. Those adventures excite me deeply.
Q3: Your Xiaohongshu posts show you confronting criticism head-on. Which misperceptions about you bother you most—and what’s the reality?
Gracy:
You’ve probably seen our viral tote bag—it’s been all over this year’s conference venues. Since we didn’t have a physical booth, our marketing team proposed, “We don’t have a booth—so let’s make a mobile one!” They asked if I’d mind using my photo for an attention-grabbing tote. I immediately agreed without hesitation. One slogan on it reads: “I’m extremely socially anxious—but this bag is super socially confident.” So yes, there’s a misconception: many assume I’m highly socially confident. Truth is, I’m neither extremely socially confident nor socially anxious—I’ve recently grown to cherish solitude.
I’m fundamentally an “E” (Extraverted) personality—but this role has gradually shifted me toward “I” (Introverted). A second misconception—also featured on the tote—is the phrase “I’m really good at pretending.” So we directly printed that very “misunderstanding” onto the bag. It’s my way of responding—and I believe, given how fiercely competitive this industry is, capturing attention is itself a valuable achievement. As they say: “Controversy is still visibility.”
On another note, today’s society is remarkably tolerant. People readily accept that a female CEO—or any female leader—can be assertive, hold sharp opinions, occasionally “pretend,” and also live fully as a human being. Likewise, audiences increasingly accept brands experimenting with bold, boundary-pushing marketing approaches.
That said, one controversial incident involved Bitget Wallet using a widely circulated Dubai kiss photo on a promotional card. Our Wallet team obtained consent from both individuals—but bypassed my approval before publishing. When I saw it, I thought it pushed boundaries a bit too far. After widespread online backlash, we promptly removed it.
What I want to emphasize is that, from a corporate standpoint, we embrace innovation. And I believe such incidents are inevitable in the innovation process—we must simply calibrate the degree of risk. First and foremost, we must encourage experimentation. If even minor missteps aren’t tolerated, people won’t dare innovate—and brand vitality and creativity often reside precisely in those experimental edges.
Breaking Through & Restructuring: The UEX Strategy, RWA Wave, and Trading’s New Paradigm for the Silicon-Based Era
Q4: Bitget was among the first—and most proactive—in listing stocks, IPOs, and precious metals. I understand some exchanges already see significant trading volumes in equities. Could you share how user behavior and portfolio composition have shifted since Bitget launched traditional assets? And quantitatively speaking, what percentage of completion would you assign to Bitget’s UEX initiative?
Gracy:
UEX is a long-term strategic pillar—diversifying asset coverage is merely step one. Data already reveals early shifts: non-crypto asset trading volume on our platform reached nearly 40% in Q1 this year. We’ve also observed strong regional variation in user adoption of non-crypto assets under UEX.
Take U.S. equity tokens as an example: adoption is significantly higher in regions where opening U.S. brokerage accounts is difficult due to capital controls, foreign exchange restrictions, or regulatory hurdles. First, we strictly avoid serving sanctioned countries—for instance, no matter how lucrative, we refuse business with Iran.
Yet many other regions face real barriers to opening U.S. accounts. For users seeking global asset allocation, Bitget becomes a natural, even indispensable, choice—because no viable alternatives exist. Thus, in these markets, adoption rates are notably high.
Second, over half of Bitget’s users hail from Asia. Geopolitical tensions in January–February triggered sharp volatility in precious metals and oil prices—causing their trading volumes on our platform to surge dramatically. At peak, gold’s daily trading volume approached Bitcoin’s.
Since launching UEX in September last year, we completed broad U.S. equity listings in Q4 and rolled out commodities—including gold and oil—and FX via CFDs in January. However, users need time to adapt to new products—and geopolitical shocks act as catalysts accelerating adoption. Even during gold price corrections, user activity surges—especially with leverage, triggering notable liquidations—a normal phenomenon in highly volatile markets.
Assessing UEX’s progress today, I’d say we’ve only completed Phase One—defined as comprehensive initial asset coverage. Phase Two focuses on continuous optimization of these already-listed products.
Let me illustrate: U.S. equity tokens are now mainstream in the RWA space—but players like Ondo and xStocks have offered them for nearly a year. Though we launched ours in September–October last year, we still encounter persistent issues. One top user complaint concerns dividend distribution. The mechanism is subtle: dividends are indeed distributed—but not directly credited to users’ accounts. Instead, underlying SPVs repurchase the asset, reflecting dividends in the token’s price. Users thus receive economic benefits—but never see cash dividends posted. Because of this structure, SPV pricing diverges: e.g., if Meta trades at $500, and a dividend pushes the token price to $510, the underlying Meta stock remains at $500—prompting user confusion over widening spreads and discomfort with the model. These nuances are easily overlooked.
If you’re not actively trading, you might miss such complexities altogether—and optimizing them defines Phase Two. Can we design clearer dividend mechanisms? Can we help users better perceive value accrual? Extending trading hours to 24/7 or 24/5 sounds appealing—but how do we ensure liquidity during weekends, when U.S. markets are closed? These are just some challenges we face in traditional asset integration.
Q5: I noticed Bitget recently launched IPO Prime—an apparent extension of UEX from secondary to primary markets. Why did you partner with Republic—and why launch preSPAX first? Compared to other exchanges’ on-chain models, reservation systems, or derivatives approaches, what advantages does Bitget’s “compliant SPV + structured subscription” design offer?
Gracy:
I wrote an article detailing our collaboration story with Republic. I’ve known Republic Crypto’s co-CEOs for years—and there’s a fun anecdote: Andrew, one co-CEO, and I were both portfolio companies of Dragonfly Capital. Dragonfly hosted closed-door events inviting founders—and Andrew and I happened to be on the same team. We collaborated on multiple tasks and even won first place—a delightful experience that strengthened my personal ties with Republic and Andrew.
We began exploring Pre-IPO product development last year, knowing Republic’s deep expertise in this domain. I instructed our team to engage Republic—but emphasized impartial evaluation: personal rapport couldn’t dictate the decision. Our team conducted thorough market research—and ultimately selected Republic for three core reasons: extensive licensing (U.S., Europe, etc.), proven experience (they’ve issued U.S. equity tokens and navigated related pitfalls), and transparent mechanisms. Their past missteps even helped us refine our product design—avoiding risks like problematic terminology. For instance, during promotion, we carefully frame the product as debt—not equity—since third-party SPVs hold underlying shares. Our external messaging incorporates compliance-driven phrasing to mitigate regulatory exposure.
Republic’s Pre-IPO products are even more complex than standard U.S. equity tokens—because IPO timing and pricing remain unpredictable. Take SpaceX: only Elon Musk decides its listing date. We designed this product last year—but in February–March, SpaceX merged with xAI and acquired Grok, altering the landscape overnight. Suddenly, SPV-negotiated sellers withdrew—or demanded revised terms—requiring complete renegotiation. Such granular complexities only emerge once you execute the product. We priced this offering near cost—prioritizing user benefit over profit.
Many users ask: “SpaceX’s valuation is $1.5T; Reuters estimates $2T post-IPO; some on-chain platforms already trade above $2T—why is Bitget’s price lower? Is there a 1:1 mapping risk?” Let me clarify: Six months ago, we mandated our third-party SPV to acquire and lock in a valuation. So users benefit from a time-lag discount—the $1.5T reflects our six-month-old valuation, delivered at today’s market conditions. This isn’t mapping risk; it’s a genuine bargain. Ensuring 1:1 mapping remains our absolute priority for all RWA products. Our Pre-IPO design guarantees that upon IPO, “pre-sale” tokens will align 1:1 with the underlying stock tokens.
Q6: In prior interviews, you noted the “four-year cycle pattern persists—but has been ‘smoothed’ by Wall Street capital represented by ETFs and DATs.” Global markets are reassessing macro risks faster than ever. How does this impact exchanges—and what strategic shifts are you implementing?
Gracy:
Naturally, we’re executing major strategic adjustments. Why did we conceptualize UEX? Because pure crypto no longer satisfies our users—or our own growth trajectory. We’ve identified clear, accelerating trends—and must capture them.
First: stablecoin growth. Stablecoins are attracting traditional capital—including family offices and endowments—at an extraordinary pace, especially for cross-border payments. A friend—completely outside our ecosystem—runs multiple stores in Yiwu. He told me he holds substantial USDT. “Why so much?” I asked. He replied: “Everyone in Yiwu uses USDT—it’s the most efficient asset for cross-border transfers.”
Countless similar use cases confirm stablecoin adoption will surge—and their share of total monetary holdings will rise accordingly. We aim to capture incremental stablecoin trading volume. While Bitget primarily focuses on trading, Bitget Wallet and sister entities handle more payment scenarios. Yet as stablecoins gain traction in payments, their role in trading will expand proportionally—making “trading with Us” our first key opportunity.
Second: RWAs. U.S. equity tokens currently represent just 0.1% of total U.S. equities—but for money market funds and private credit RWAs, penetration is already 0.5%–1%. With NYSE and Nasdaq entering tokenization, U.S. equity tokenization will accelerate dramatically—potentially reaching a tipping point soon. Conversations reveal they’re already deeply engaging with newly listed companies on issuing native tokens—though leveraging existing infrastructure like ATS platforms and DTCC custody. Progress is rapid: they’ve filed applications with the SEC—now awaiting approval.
We seek channel partnerships with them—but overall, RWA growth is undeniable: gold, oil, U.S. equities, and even Pre-IPOs—all financial assets can be tokenized.
Still, we maintain boundaries. Real estate RWAs are trending—but as a global exchange, tokenizing Hong Kong properties versus Dubai properties introduces extreme non-standardization. Local regulations vary widely—recognition and compliance differ—and real estate isn’t a typical trading asset for users. Our RWA focus remains on relatively standardized financial assets.
Thus, we’ve decided: art and real estate RWAs are largely off our roadmap—while other standardized financial assets remain strongly supported.
Q7: Bitget has been highly visible in AI—both internally (employee usage) and externally (launching GetAgent). Why such strong AI conviction—and do you fear an AI bubble? With ~2,200 employees, how might enterprise-wide AI adoption transform Bitget?
Gracy:
Regarding bubbles: certain AI-related equities—especially long-tail U.S. stocks—are overvalued. NVIDIA remains reasonably priced, though expensive—but many niche AI stocks are inflated. However, AI adoption itself faces no bubble.
Within our company, I recently discussed AI usage with our VIP team lead: “How many use cases are you running?” I shared my own AI workflows.
I’ve tested numerous AI tools—e.g., Nano Banana—to co-create images with my son (a lifestyle application). I adopted image and video generation early—MidJourney-era tools, two-plus years ago. Lately, I’m captivated by Manus—I eagerly await my monthly 8,000-credit refresh. Its utility fascinates me: for our U.S. expansion (which I personally lead), I’ve built a dedicated “U.S. Strategy Officer” AI agent. I feed it curated content—carefully avoiding sensitive information—then task it with: “Who should I meet today? What topics should we cover? Who should I contact next? Draft a LinkedIn message.” Later, I’ll need quick research on prospects’ reports—and ask the agent for partnership suggestions.
I’ve built knowledge bases so it inherently knows Bitget, Gracy, my stance, and goals—enabling lightning-fast, context-aware output without redundant effort. I even have a Manus agent teaching me dating skills—it’s delightfully absurd.
I reviewed AI adoption with Bill, our AI lead: by year-end last year, we used AI across ~22 internal functions—likely more now.
In core business areas, AI handles foundational tasks: customer support, translation, knowledge base building—all mature applications. In compliance, AI powers KYT (Know Your Transaction) monitoring. For trading tools, we anticipate AI-to-AI trading will soon surpass human-to-human trading—driving our tool development. This year’s “crayfish” trend inspired GetClaw: it doesn’t just provide info—it executes orders. Via Telegram, you instruct GetClaw to act, request trading advice, or flag execution risks—all powered by AI.
Here’s a core belief: In the future world—starting with Bitget—we envision carbon-based and silicon-based life co-working. This trend is irreversible. Resist it, and you’ll be obsolete—not fired by your company, but discarded by history. Hence, we mandate AI adoption enterprise-wide. I firmly believe those resisting AI will fade—but those mastering it will multiply productivity five- or tenfold.
On Role Models: Riding the Waves for 35 Years—and Finding Quiet Focus Amid the Periphery
Q8: Last year, you turned 35. If you could summarize your first 35 years in three words, what would they be? Compared to when you assumed the Bitget CEO role in 2024, how has Bitget changed—and how have you evolved personally?
Gracy:
Bitget’s evolution from 2024 to today: First, our understanding and prioritization of users shifted. In 2024, the TON ecosystem surged—and we partnered closely with TON, acquiring many users. But a major 2024 pivot moved us beyond raw user acquisition metrics—the KPI then was “How many new KYC or FTTS (First-Time Trader) users did this listing generate?” My key adjustment refocused attention on user value: LTV (Long-Term Value), VIPs, and institutional clients. Thus, company-wide KPIs pivoted from Quantity to Quality—a pivotal shift.
Second, aligned with earlier themes, since 2024 we’ve actively responded to broader market shifts—particularly RWAs and TradFi’s growing participation. In January 2024, BlackRock launched its first Bitcoin ETF—marking a watershed. Mainstream institutions began seriously examining Bitcoin. After Bitcoin hit $100K last year, many former “rich kid” friends and family offices contacted me: “Should we allocate 5% of our portfolio to Bitcoin?” At $100K, I actually discouraged many—my Twitter posts reflect this caution—and I faced backlash. Yet hindsight confirms it was sound advice. I stressed cyclical patterns—and explicitly warned against leverage at $100K. This underscores crypto’s transition: no longer a fringe niche, but a sector demanding regulatory engagement, compliance rigor, institutional alignment, and large-scale capital integration. Our strategic pivot became unmistakably sharper last year.
Personally, two key evolutions stand out. First, as noted: this role’s extreme extroversion has nudged me toward introversion. My MBTI is ENTJ—but my E/I scores now hover near the midpoint. Once hyper-extroverted, constant outward-facing demands have cultivated greater introspection.
Second, I now obsess over operational depth. Coming from marketing—and having served as Managing Director (a CMO-like role) pre-2024—I focused less on granular execution. As CEO, I now scrutinize team-building, scaling a 2,000-person organization, aligning collective vision (no small feat!), hiring, and managing intricate U.S. expansion details. Had you asked me in 2024 about IPO Prime or Ondo’s mechanics, I’d have struggled to explain them. Today, I dive deep into such technicalities.
My first 35 years distilled into three words: First, “constantly ascending to larger stages.” At Chengdu No. 7 High School, I told myself, “This is Sichuan’s best school—I must attend Asia’s finest university.” So I went to NUS. Then in Singapore: “Now I need the world’s best university”—leading me to MIT. This growth mindset continued professionally: from Web2 startups to Bitget CEO, scaling the company—each milestone brought immense fulfillment.
Second: “quiet focus amid the periphery.” Embracing introversion—and cherishing quiet moments with my child.
Third: “less pretense.” Earlier references to “pretending” or “showing off”? Today, I love stand-up comedy—I’ve even performed! I posted a Xiaohongshu piece about my comedy debut. Mocking conventions—and even my critics—reflects genuine indifference to judgment. I joke openly because it no longer weighs on me.
Life is a one-way journey—make it playful. Joy in the process matters most.
Q9: You often mention your son in posts. If you had to choose one role model for him, who would it be—and why?
Gracy:
Sometimes I notice my son absorbing behaviors from me—spontaneously, constantly. So if I name someone present in his life right now, I’d say I am his role model.
At six months old, he made a curious gesture: after finishing his bottle, he sighed “Ah!”—prompting me to wonder, “Where did that come from?” Our nanny observed, “Haven’t you noticed you sometimes sigh like that after enjoying something?” I realized he’d been mirroring me since infancy. As a single mother—without a husband or paternal figure in his daily life—my influence is paramount. His father last saw him in 2022. My parents assist with childcare, meaning his immediate family circle exerts profound, formative influence.
That said, I hope someday I cease being his sole role model—when he “surfs past the preceding wave” and discovers his own ideal inspiration.
Q10: Who’s the historical figure you most admire—and what qualities attract you?
Gracy:
I have several role models. For building Bitget, I deeply admire J.P. Morgan—and am reading his biography. We’ve even encouraged senior leaders to read it together. Morgan lived through the late 19th–early 20th century: a transformative era for finance—the Gilded Age, marked by extreme inequality and corruption. Industrialization exploded in America; financial architecture underwent radical restructuring—long before the Great Depression. How did he navigate such upheaval? We see parallels: crypto is now reshaping traditional finance—and we stand at a historic inflection point, building a billion-dollar company. That mission inspires me profoundly—hence my admiration for Morgan.
For investing, I revere Duan Yongping—and Li Lu—both deeply influenced by Buffett’s value investing. When applying to business school, I seriously considered Columbia University—renowned for its value investing program and opportunities to learn from Wall Street legends.
For life, if pressed, I’d cite Yang Lan. She inspired me as a teenager—her book *Facing the Sea with Spring Breeze* resonated deeply. I interned at *Yang Lan One-on-One*, met her, and worked at her Sun Media Studio—interacting directly with many role models. J.P. Morgan, however, remains inaccessible—a true historical figure.
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