Crypto billionaires net worth down after Bitcoin crash: The euphoria of Bitcoin’s record-breaking run in October is a distant memory for some of the world’s wealthiest cryptocurrency holders.

Bitcoin (BTC USD) Plummets from Record Highs: A 40% Drop in Months

Back then, Bitcoin soared to $126,000, catapulting crypto billionaires into uncharted territory of wealth. Fast forward just a few months, and the market has reversed dramatically, Bitcoin has plunged more than 40%, including a nearly 20% drop in the past week, despite a brief 12% rebound on Friday. The broader crypto market has followed suit, losing around $2 trillion in total value since October, as per CoinGecko.

Crypto Billionaires Take a Hit: Over $1 Billion Lost for Some

The fallout has been harsh for individual fortunes. Forbes estimated that at least 10 crypto billionaires have each lost more than $1 billion in publicly traded crypto assets and known token holdings since the peak.

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Binance founder Changpeng Zhao Loses $29 Billion Amid Crypto Market Crash

Changpeng Zhao, founder and former CEO of Binance, has been hit hardest. The value of his personal Bitcoin holdings and Binance’s BNB tokens has been cut in half, costing him roughly $29 billion, as per a Forbes report. While October brought a rare victory, a pardon from US president Donald Trump on federal charges related to Binance’s anti-money laundering program, the market downturn has overshadowed such milestones.

Coinbase CEO Brian Armstrong’s Coinbase Stake Down Nearly 60%

Brian Armstrong, CEO and cofounder of Coinbase, has also felt the sting. His stake of over 12% in the company has lost significant value as Coinbase shares plunged nearly 60%, shrinking his net worth by around $7 billion, as per the Forbes report.

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Michael Saylor’s MicroStrategy Fortune Shrinks as BTC Holdings Drop

Michael Saylor, who famously steered MicroStrategy into Bitcoin in 2020, has seen his $4.7 billion fortune drop as the company’s 713,000 BTC holdings took a beating. Once a hedge against inflation that fueled a sixfold increase in MicroStrategy’s shares, the crypto collapse has erased much of that gain.

Chris Larsen and Mike Novogratz Also Face Massive Losses

Other notable losses include Chris Larsen, cofounder of Ripple, down $4.6 billion, and Mike Novogratz, founder of Galaxy Digital Holdings, who lost $4.4 billion as his company’s assets fell more than 60%.

Wider Market Shift: Investors Flee to Gold Amid Geopolitical Uncertainty

The crash reflects a broader market shift. Investors, wary of geopolitical tensions, are moving toward safer assets like gold, which has reached record highs this year. Joe Tigay, portfolio manager at Equity Armor Fund, explained, “The sharp drawdowns in founder net worth are a byproduct of shifting risk sentiment,” adding that, “When markets move from risk-on to risk-off, crypto fortunes tend to get hit first,” as quoted by Forbes.

FAQs

Which crypto billionaire lost the most during this slump?
Changpeng Zhao, founder of Binance, lost about $29 billion from his Bitcoin and BNB holdings.

What happened to Michael Saylor’s fortune?
Saylor’s MicroStrategy holdings took a beating, reducing his fortune by billions despite previous gains.