In 2025, the crypto market was reminded of its ruthless nature. While bitcoin briefly crossed $126,000, a brutal correction wiped out several major fortunes in the sector. Even the most influential figures were not spared, losing billions in a matter of weeks. From Michael Saylor to CZ, the year left behind a fractured landscape, dominated by losses.
In brief
- In 2025, several crypto billionaires suffered massive losses following a brutal market crash.
- Michael Saylor saw his fortune drop by $2.6 billion, mainly due to the collapse of Strategy stock.
- The Winklevoss twins lost 59% of their wealth, while CZ saw his fortune drop 5%.
- Bitcoin peaked at over $126,000 before falling back to $80,000, marking a fall of almost 37%.
Billions gone: a dark year for crypto titans
Last year, several leading figures in the crypto industry saw their fortunes cut by billions of dollars, in the wake of a brutal market crash in October.
Hardest hit was Michael Saylor, executive chairman of Strategy, whose assets fell by $2.6 billion, bringing his net worth to $3.8 billion. Like the underlines Bloomberg “Strategy’s bitcoin cash strategy delivered huge returns until early October when bitcoin hit new highs”.
However, the dynamic reversed after the flash crash. A drop in the value of bitcoin caused Strategy's stock price to fall by more than half, resulting in a loss of nearly $6 billion from its annual high.
Saylor isn't the only one who's been hit hard. The Bloomberg Billionaires Index draws up a clear list of losses incurred by the heavyweights of the sector:
- Changpeng Zhao (CZ), former CEO of Binance, lost around 5% of his fortune, estimated at $50.9 billion;
- Cameron and Tyler Winklevoss, founders of Gemini, have seen their wealth collapse by 59% since 1er January last year;
- Bitcoin, the main asset concerned, reached an all-time high of more than $126,000 in October, before falling to around $80,000 at the end of November, a loss of almost 37% in six weeks;
- Since 1er January 2025, BTC shows a negative performance of –7%, despite its brief surge.
These figures illustrate the extreme sensitivity of crypto assets to market volatility, even among the most seasoned players. For billionaires in the sector, the rapid rise in prices can be followed by an equally meteoric fall, with no time to adjust positions.
Winning strategies: when regulation rhymes with valorization
While some billionaires have seen their fortunes erode, other figures in the sector have experienced spectacular growth.
This is the case of Jeremy Allaire, CEO of Circle, whose wealth has increased by 149% since June 4, 2025. This meteoric progression is largely explained by the adoption by the United States of major legislation on stablecoins, called the GENIUS Act, which has largely benefited Circle, issuer of USDC.
This jump demonstrates a clear differentiation between fortunes indexed directly to the price of bitcoin and those backed by regulated infrastructures aligned with public policies.
At the same time, the year 2025 saw a rise in crypto treasury strategies among listed companies. Strategy, despite the volatility, continued its massive purchases of bitcoin. According to the specialized site Bitcointreasuries.net, 192 public companies held BTC on their balance sheet at the end of the year.
This trend confirms a dynamic of growing institutionalization, where bitcoin, despite volatility, is perceived by many companies as a long-term strategic store of value.
While the market seeks a new balance, fortunes are made and unmade to the rhythm of the ups and downs of the sector. The US Senate could adopt a historic law in January 2026 on crypto regulation, a decision which could reshape the balance of power and strengthen the stability long awaited by institutional players.
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