Winners And Losers In 2025’s Crypto Storm

In 2025, the crypto market reminded its ruthless nature. While bitcoin briefly crossed 126,000 dollars, a brutal correction wiped out several major fortunes in the sector. Even the most influential figures were not spared, losing billions in a few weeks. From Michael Saylor to CZ, the year left behind a fractured landscape dominated by losses.

Billions disappeared : a dark year for crypto titans

Last year, several leading figures in the crypto industry saw their fortunes cut by several billion dollars, in the wake of a brutal market crash in October.

The hardest hit was Michael Saylor, Executive Chairman of Strategy, whose wealth fell by 2.6 billion dollars, bringing his net worth down to 3.8 billion. As Bloomberg highlights , “Strategy’s bitcoin treasury strategy generated huge returns until early October, when bitcoin hit new highs”.

However, the momentum reversed after the flash crash. A drop in bitcoin’s value caused the Strategy stock price to fall by more than half, resulting in a loss of nearly 6 billion from its yearly peak.

Saylor is not the only one to have been severely affected. The Bloomberg Billionaires Index provides a clear list of the losses suffered by heavyweight players in the sector :

• Changpeng Zhao (CZ), former CEO of Binance, lost about 5 % of his fortune, estimated at 50.9 billion dollars ;
• Cameron and Tyler Winklevoss, founders of Gemini, saw their wealth collapse by 59 % since January 1st last year ;
• Bitcoin, the main affected asset, reached a historic peak above 126,000 dollars in October, before falling to about 80,000 dollars at the end of November, a loss of nearly 37 % in six weeks ;
• Since January 1st, 2025, BTC shows a negative performance of -7 %, despite its brief surge.

These figures illustrate the extreme sensitivity of crypto fortunes to market volatility, even among the most seasoned players. For sector billionaires, rapid price increases can be followed by an equally swift plunge, leaving no time to adjust positions.

Winning strategies : when regulation rhymes with valuation

While some billionaires saw their fortunes erode, other sector figures experienced spectacular growth.

This is the case of Jeremy Allaire, CEO of Circle, whose wealth increased by 149 % since June 4, 2025. This rapid growth is largely explained by the adoption by the United States of major legislation on stablecoins, called the GENIUS Act, which greatly benefited Circle, issuer of USDC.

This leap reflects a clear differentiation between fortunes indexed directly to the bitcoin price and those backed by regulated infrastructures aligned with public policies.

Meanwhile, 2025 saw a rise in crypto treasury strategies among listed companies. Despite volatility, Strategy continued its massive bitcoin purchases. According to the specialized site Bitcointreasuries.net, 192 public companies held BTC on their balance sheets at the end of the year.

This trend confirms an increasing institutionalization dynamic, where bitcoin, despite volatility, is seen by many companies as a strategic long-term store of value.

While the market seeks a new balance, fortunes are made and undone with the sector’s upheavals. The US Senate could adopt historic crypto regulation legislation in January 2026, a decision that could redraw power dynamics and reinforce the stability long awaited by institutional players.