Crypto’s Biggest Names Lost Billions After October’s Market Crash
Several of the crypto industry’s most well-known figures saw their personal wealth take a major hit in 2025, after a sharp market reversal in October wiped out gains built up earlier in the year.
Key takeaways:
A sudden October crash erased billions from the net worth of top crypto executives.
Michael Saylor, Changpeng Zhao (CZ), and the Winklevoss twins were among the hardest hit.
Despite the volatility, corporate adoption of Bitcoin continues to grow.
According to the Bloomberg Billionaires Index, Michael Saylor, executive chairman of Strategy, lost $2.6 billion over the past year, cutting his net worth to $3.8 billion. The losses followed a violent October selloff that sent Bitcoin and crypto-linked stocks sharply lower after months of strong performance.
Strategy’s Bitcoin Bet Backfires—For Now
Bloomberg noted that Strategy’s aggressive Bitcoin treasury strategy paid off earlier in the year, when Bitcoin surged to new record highs. But that momentum didn’t last.
As Bitcoin prices slid in October, Strategy’s stock fell more than 50%, wiping nearly $6 billion off Saylor’s net worth from its peak.
Other crypto heavyweights weren’t spared. Changpeng Zhao, founder of Binance, saw his fortune drop about 5% since the start of the year, leaving him with an estimated $50.9 billion.
The Winklevoss twins, Cameron and Tyler, were hit even harder. Their combined wealth fell roughly 59% as crypto prices dropped and trading activity cooled.
A Year of Extremes for Billionaires
The losses highlight how uneven 2025 has been. Bloomberg reported that just eight individuals accounted for about 25% of the $2.2 trillion in total billionaire wealth gains this year, underscoring the sharp divide between winners and losers across industries.
Not everyone in crypto struggled. Jeremy Allaire, CEO of stablecoin issuer Circle, reportedly saw his net worth jump 149% since June, boosted by growing demand for dollar-backed stablecoins and the passage of the US GENIUS Act, which set up a federal framework for payment stablecoins.
Corporate Bitcoin Adoption Keeps Growing
Despite the turbulence, companies are still embracing Bitcoin as a treasury asset. Data from Bitcointreasuries.net shows that 192 public companies now hold Bitcoin, a sharp increase from a year ago.
Bitcoin itself, however, remains under pressure. The cryptocurrency is down about 7% in 2025, after peaking above $126,000 in October before sliding to around $80,000 by late November.
What Comes Next for Bitcoin?
Looking ahead, opinions are split. Bitwise CIO Matt Hougan has played down expectations that US politics will drive the next rally, saying the Trump administration is unlikely to unlock major new upside.
Fidelity’s Jurrien Timmer has suggested 2026 could be a “pause year,” with Bitcoin potentially dipping toward $65,000. Others are more optimistic. Strategy CEO Phong Le says Bitcoin’s fundamentals held up throughout 2025, while Hougan believes 2026 could be an up year for the asset.
According to Linh Tran, a market analyst at XS.com, recent price action shows that Bitcoin is still highly sensitive to monetary policy expectations, rather than headline economic data.
