Changpeng Zhao (CZ), the founder of Binance Holdings, has solidified his status as the richest man in the cryptocurrency industry. With a net worth reaching $59.1 billion, CZ ranks 23rd on the Bloomberg Billionaire Index and is the second wealthiest figure in finance, trailing only Warren Buffet, who sits at $146 billion. The growth in Zhao’s wealth is largely attributed to Bitcoin’s recent rally, reaching a record-high $77,000 last Friday, and the subsequent surge in crypto trading volume.

Bitcoin Boom Drives Wealth Surge

The surge in CZ’s net worth comes in the wake of a sharp increase in cryptocurrency values, attributed partly to market reactions to global events like Donald Trump’s win. Bitcoin climbed 10% in just one week, contributing to a multi-billion dollar increase in global crypto market capitalisation, amplifying Binance’s valuation and Zhao’s wealth.

Binance’s Dominance in Crypto Trading

Binance remains the world’s largest cryptocurrency exchange, boasting over 200 million registered users and generating an estimated $9.8 billion in annual revenue from spot and derivatives transactions. Despite being a private entity, Binance’s growth in trading volumes and user base has cemented its position as a leading platform, with Zhao holding a 90% ownership stake. He has also disclosed that he owns Bitcoin and Binance Coin (BNB).

Offers for Binance Stake

At 47 years old, CZ remains open to offers for his majority stake in Binance, which forms the bulk of his wealth, but has not acted on any proposals yet. While he’s receptive to potential buyers, he stated, “I am not claiming that I will retain the equity indefinitely. I’m glad to consider any offer, but I haven’t taken any action as of yet.”