Bitcoin crash wipes out crypto billionaires: Binance, Coinbase, and MicroStrategy suffer losses
Bitcoin has dropped over 40% since its record high of $126,000 in October 2025, wiping out billions from top cryptocurrency investors. Changpeng Zhao of Binance lost $29 billion, Brian Armstrong of Coinbase $7 billion, and Michael Saylor of MicroStrategy also faced major losses. Experts say the crash reflects risk-off sentiment, with investors moving toward gold.
October 2025 to now
Bitcoin reached an all-time high of $126,000 in October 2025, creating massive wealth for cryptocurrency investors. Since then, the market has reversed sharply. Bitcoin has lost more than 40% in a few months, including a nearly 20% drop last week. Other cryptocurrencies also fell, leading to a total loss of around $2 trillion in market value, according to CoinGecko.
Binance founder
Changpeng Zhao, founder and former CEO of Binance, has been hit hardest. His personal Bitcoin holdings and Binance’s BNB tokens have lost about half their value. Forbes estimates that Zhao lost roughly $29 billion in the downturn. Zhao had recently received a presidential pardon from Donald Trump for federal charges related to Binance’s anti-money laundering program, but the market crash has overshadowed this milestone.
Other billionaires
Brian Armstrong, CEO and cofounder of Coinbase, saw his 12% stake in the company lose nearly 60% of its value. Forbes reports that Armstrong’s net worth dropped by about $7 billion. Michael Saylor, who led MicroStrategy’s large Bitcoin investment, also faced declines. The company’s 713,000 BTC holdings lost value, erasing much of the gains that previously boosted MicroStrategy shares sixfold. Chris Larsen, cofounder of Ripple, lost $4.6 billion, and Mike Novogratz, founder of Galaxy Digital Holdings, saw losses of $4.4 billion.
Reasons behind
Financial experts say the crash reflects a wider shift in investor sentiment. Geopolitical tensions and uncertainty have pushed investors to safer assets. Gold, a traditional safe-haven asset, has reached record highs this year. Joe Tigay, portfolio manager at Equity Armor Fund, said, “When markets move from risk-on to risk-off, crypto fortunes tend to get hit first.”