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Strategy Losses Hit Saylor in 2025

David Graham
By David Graham
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Today in crypto: Strategy’s Michael Saylor and other crypto industry leaders saw their net worths shrink by billions in 2025, according to the Bloomberg Billionaires Index. Meanwhile, decentralized perpetuals exchanges ended the year with $12.09 trillion in cumulative trading volume, and Binance founder Changpeng Zhao said Pakistan could emerge as a crypto leader by 2030.

Crypto billionaires are among biggest losers of 2025: Report

Strategy executive chairman Michael Saylor and other prominent cryptocurrency executives lost billions of dollars in 2025, partially as a result of losses in an October flash crash. 

According to the Bloomberg Billionaires Index released on Wednesday, Saylor lost $2.6 billion over the previous 12 months, reducing his net worth to $3.8 billion. Gemini co-founders Cameron and Tyler Winklevoss and former Binance CEO Changpeng “CZ” Zhao also saw significant losses due to a “massive slide” in the crypto market in October. 

“[Strategy’s Bitcoin treasury strategy] generated huge returns through early October, when Bitcoin hit fresh highs,” Bloomberg. “However, things began to turn south soon after as a slump in Bitcoin’s value sent Strategy’s stock price plunging by more than half, dragging Saylor’s net worth down nearly $6 billion from its high-water mark in the process.”

While Bloomberg reported that eight people accounted for about 25% of the $2.2 trillion in gains among billionaires for 2025, many industry figures lost big over the year. The news outlet reported last week that Zhao lost about 5% of his net worth, estimated at $50.9 billion, since Jan. 1, while the Winklevosses lost 59% over the same period. 

In contrast, Circle CEO Jeremy Allaire reportedly increased his net worth by 149% since June 4, amid the US government passing a comprehensive payment stablecoin bill, the GENIUS Act. 

Perp DEXs almost triple volume in 2025 as onchain derivatives mature

Perpetuals decentralized exchanges are closing 2025 with cumulative trading volume reaching $12.09 trillion, up from $4.1 trillion at the start of the year. 

DefiLlama data shows that about $7.9 trillion of this lifetime total volume was generated in 2025. This means that 65% of all perp DEX trading volume occurred in a single calendar year. This concentration highlights how rapidly onchain derivatives scaled in 2025. 

In December alone, perpetuals trading volume reached $1 trillion, carrying momentum that started in October, when monthly volumes first reached $1 trillion. 

The increase reflects a sharp acceleration in onchain derivatives usage in the last 12 months, as perpetuals DEXs absorbed a growing share of leveraged crypto trading activity. 

Perpetuals DEX volume in 2025. Source: DefiLlama

Perpetuals DEXs began to emerge around 2021, with dYdX and Perpetual Protocol widely credited as among the earliest platforms to offer decentralized perpetual futures onchain.

The sector’s growth accelerated sharply in 2023, when the emergence of Hyperliquid marked a turning point.

Pakistan could be a crypto leader by 2030 at current pace: CZ

Pakistan’s ability to “move fast” with crypto regulation and adoption could make it a world leader in crypto by 2030, according to former Binance CEO Changpeng “CZ” Zhao. 

In a recent interview with Pakistan Crypto Council CEO Bilal bin Saqib, CZ credited Pakistan’s leadership for recognizing the demand for digital assets among its relatively young and tech-savvy population.

“I think it’s fantastic to see the country of this size are able to have this clear vision from the leadership and ability to move at this speed.”

“If we keep moving at this speed in five years, Pakistan will be the crypto leader, one of the crypto leaders in the world,” said CZ, who serves as strategic adviser to the crypto council.