Strategy executive chairman Michael Saylor and other prominent cryptocurrency executives lost billions of dollars in 2025, partially as a result of losses in an October flash crash.
According to the Bloomberg Billionaires Index released on Wednesday, Saylor lost $2.6 billion over the previous 12 months, reducing his net worth to $3.8 billion. Gemini co-founders Cameron and Tyler Winklevoss and former Binance CEO Changpeng “CZ” Zhao also saw significant losses due to a “massive slide” in the crypto market in October.
“[Strategy’s Bitcoin treasury strategy] generated huge returns through early October, when Bitcoin hit fresh highs,” Bloomberg. “However, things began to turn south soon after as a slump in Bitcoin’s value sent Strategy’s stock price plunging by more than half, dragging Saylor’s net worth down nearly $6 billion from its high-water mark in the process.”
While Bloomberg reported that eight people accounted for about 25% of the $2.2 trillion in gains among billionaires for 2025, many industry figures lost big over the year. The news outlet reported last week that Zhao lost about 5% of his net worth, estimated at $50.9 billion, since Jan. 1, while the Winklevosses lost 59% over the same period.
Related: Strategy accumulates over 22,000 Bitcoin, RWAs top $19 billion: December in Charts
In contrast, Circle CEO Jeremy Allaire reportedly increased his net worth by 149% since June 4, amid the US government passing a comprehensive payment stablecoin bill, the GENIUS Act.
Number of digital asset treasuries surged this year
In addition to Strategy increasing its Bitcoin (BTC) holdings, several other companies adopted crypto treasury strategies in 2025, holding BTC or other tokens on their balance sheets. According to data from Bitcointreasuries.net, about 192 public companies held BTC as of Wednesday.
The price of Bitcoin has declined by about 7% since Jan. 1, 2025. The cryptocurrency reached an all-time high of over $126,000 in October before falling to about $80,000 at the end of November.
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