Crypto Billionaires in 2025: Who Thrives and Who Falls? A Year When Market Prices Didn’t Reward Portfolios Despite Supportive Policies
The year 2025 began on a positive note for digital asset markets as President Donald Trump, who enjoys strong support from the crypto community, clearly signaled his intent to promote crypto-friendly regulations. Subsequently, financial institutions began seriously adopting cryptocurrencies after a period of hesitation.
However, despite the positive shift in policies and laws, investment returns in 2025 disappointed many investors. From the start of the year to mid-December, Bitcoin fell about 6%, with other coins experiencing even heavier declines.
Additionally, the Bloomberg Billionaires Index ranked and tracked the wealth of crypto industry billionaires throughout 2025 to identify who managed to preserve their wealth and who saw their fortunes shrink alongside market prices.
Jeremy Allaire
CEO of Circle
- Net worth: 1.7 billion US dollars
- Wealth change since first asset valuation (4 June 2025): +149%
- Wealth change from all-time high (23 June 2025): -68%
- Circle issues the stablecoin USDC, the world's second-largest stablecoin after USDT.
- Circle went public on the New York Stock Exchange, boosting its valuation to 6.9 billion US dollars.
- In Q3, Circle reported a net profit of 214 million US dollars, a more than 200% increase year-over-year.
Giancarlo Devasini
CFO of Bitfinex and Co-Founder of Tether
- Net worth: 13.2 billion US dollars
- Wealth change since the start of the year (1 January 2025): +60%
- Wealth change from all-time high (17 September 2025): -4%
- Tether, the world's largest stablecoin issuer, increased USDT circulation by more than 15% this year.
- Tether is negotiating a fundraising round of approximately 20 billion US dollars, with a valuation potentially reaching 500 billion US dollars.
- If this fundraising deal succeeds, Giancarlo Devasini could become the richest person in crypto, with net assets possibly soaring to 225 billion US dollars.
Mike Cagney
CEO and Co-Founder of Figure Technology Solutions
- Net worth: 2.1 billion US dollars
- Wealth change since first valuation (10 September 2025): +46%
- Wealth change from all-time high (8 October 2025): -19%
- Figure Technology Solutions is a lending company built around blockchain technology.
- The company went public in September with a valuation around 6.6 billion US dollars.
- Previously, Mike Cagney co-founded SoFi Technologies, a renowned fintech company offering loans, investments, and comprehensive digital financial services.
Mike Novogratz
CEO of Galaxy Digital
- Net worth: 6.7 billion US dollars
- Wealth change since the start of the year (1 January 2025): +32%
- Wealth change from all-time high (21 October 2025): -35%
- Mike Novogratz founded Galaxy Digital, a financial services company focused on digital assets, and is a former Goldman Sachs banker.
- Galaxy benefited from the rise in companies holding crypto as reserve assets, earning management fees from nearly 20 firms for overseeing their crypto portfolios.
- In Q3, Galaxy's total revenue was 28.4 billion US dollars, more than doubling compared to the previous year.
Barry Silbert
CEO of Digital Currency Group
- Net worth: 3.1 billion US dollars
- Wealth change since the start of the year (1 January 2025): +27%
- Wealth change from all-time high (15 October 2025): -28%
- Barry Silbert leads Grayscale, a subsidiary of Digital Currency Group (DCG), which is the world's largest digital asset manager.
- Grayscale is pursuing an IPO, but filings indicate declining revenue due to intensified competition in the crypto ETF market.
- Barry Silbert also launched Yuma Asset Management to invest in AI infrastructure projects via the blockchain network Bittensor.
Brendan Blumer
CEO of Bullish
- Net worth: 1.8 billion US dollars
- Wealth change since first valuation (12 August 2025): +17%
- Wealth change from all-time high (14 August 2025): -42%
- Bullish is a crypto trading platform and market maker focusing primarily on institutional clients.
- The company went public in October with an enterprise value of about 5.4 billion US dollars.
- Brendan Blumer also co-founded Block.one, a crypto company backed by investors such as Peter Thiel and Mike Novogratz.
Brian Armstrong
CEO and Co-Founder of Coinbase Global
- Net worth: 11 billion US dollars
- Wealth change since the start of the year (1 January 2025): +2%
- Wealth change from all-time high (18 July 2025): -38%
- In 2025, Coinbase advanced multiple strategic initiatives including expansion into stock trading, prediction markets, and tokenized assets, and joined the S&P 500 index.
- Despite ongoing strategic progress, Coinbase's stock price remained near its early-year levels.
Trump Family
Co-Founder of World Liberty Financial
- Net worth: 6.5 billion US dollars
- Wealth change since the start of the year (1 January 2025): +1%
- Wealth change from all-time high (9 September 2025): -17%
- The Trump family fully embraced the crypto world, pursuing financial interests in multiple projects including World Liberty Financial, American Bitcoin (a publicly traded company), and the Trump meme coin.
- However, price performance was poor: World Liberty Financial's crypto token fell about 50% from its peak, American Bitcoin shares declined 82%, and the Trump meme coin plunged around 90%.
- Nonetheless, overall these crypto ventures added several hundred million dollars to the Trump family’s net worth this year.
Changpeng Zhao, or CZ
Co-Founder of Binance
- Net worth: 50.9 billion US dollars
- Wealth change since the start of the year (1 January 2025): -5%
- Wealth change from all-time high (3 February 2025): -17%
- In October, CZ was pardoned by President Donald Trump for a past money laundering conviction for which he had served a four-month prison sentence.
- Binance maintains a good relationship with the Trump family, providing technology support to World Liberty Financial.
- Binance is currently planning to restart its U.S. business after facing regulatory pressure and legal challenges in recent years.
Chris Larsen
Co-Founder of Ripple Labs
- Net worth: 14.6 billion US dollars
- Wealth change since first valuation (5 November 2025): -5%
- Wealth change from all-time high (10 November 2025): -11%
- The year 2025 marked the end of a long legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC), with Ripple paying a civil fine to settle the case without admitting wrongdoing.
- Co-founder Chris Larsen holds XRP tokens valued at over 5 billion US dollars, according to Bloomberg's wealth index.
- Ripple raised more than 500 million US dollars, lifting its valuation to 40 billion US dollars, marking its strongest year since inception.
Justin Sun
Founder of Tron
- Net worth: 10.3 billion US dollars
- Wealth change since first valuation (11 August 2025): -16%
- Wealth change from all-time high (6 October 2025): -29%
- After the U.S. SEC dropped fraud charges previously filed against him, 2025 was another prominent year for Justin Sun in the crypto industry.
- Tron blockchain became a key infrastructure for the stablecoin market, processing transactions exceeding 20 billion US dollars daily.
- Tron’s tokens are managed by Tron Inc., a publicly traded crypto treasury company.
Michael Saylor
Co-Founder of Strategy
- Net worth: 4 billion US dollars
- Wealth change since the start of the year (1 January 2025): -37%
- Wealth change from all-time high (16 July 2025): -59%
- Strategy pioneered the concept of Bitcoin Treasury companies holding Bitcoin on their balance sheets, a strategy once dubbed an endless money-making formula by some analysts as it leveraged rising stock prices to fund further Bitcoin purchases.
- However, as more companies adopted this model, the market premium for Strategy shares declined, causing its stock to underperform direct Bitcoin holdings this year.
Cameron and Tyler Winklevoss
Co-Founders of Gemini Space Station
- Net worth: 4.8 billion US dollars
- Wealth change since the start of the year (1 January 2025): -59%
- Wealth change from all-time high (16 July 2025): -70%
- Gemini, the crypto trading platform founded by the Winklevoss twins, went public in September.
- Financial filings revealed the company is smaller than major competitor Coinbase and remains heavily reliant on loans from its founders to operate.
- Since going public, Gemini’s stock price has fallen about 60%, with Bitcoin’s price drop directly impacting the twins’ personal asset values.
