When Terra and Alameda Research were collapsing, Evgeny Gaevoy and his wife, Marina Gurevich, were busy building battle plans inside Wintermute. Their team wrote thousands of lines of code, running custom algorithms to trade UST as it unraveled, turning chaos into opportunity. It was a bold play that showed how Gaevoy thrives in moments of crisis. Yet, for all his visibility in crypto circles, Gaevoy’s net worth remains a mystery. With no official listing on Forbes or Bloomberg, estimates rely on Wintermute’s valuation and trading activity, making Evgeny Gaevoy net worth one of the most debated figures in crypto finance.

 

What is Evgeny Gaevoy’s Net Worth?

Evgeny Gaevoy’s net worth is not officially listed anywhere, and neither Forbes nor Bloomberg has published an exact figure. However, based on available data and company reports, it’s possible to form a well-grounded estimate. Gaevoy is believed to own roughly 33% of Wintermute, the crypto market-making firm he founded. In 2021, Wintermute recorded an impressive $582 million in net profit, paying out about $35 million in dividends, with Gaevoy’s share estimated around $12 million.

By 2024, Wintermute was reportedly valued at $2 billion during a funding round involving major investors such as Tencent. With his 33% ownership, Gaevoy’s stake alone would amount to roughly $660 million, excluding prior dividends or personal investments. Considering his holdings, dividends, and potential token assets, Evgeny Gaevoy’s net worth likely sits somewhere in the high hundreds of millions. While the precise figure remains uncertain, it’s clear that his financial success mirrors Wintermute’s rapid rise as one of the most influential players in global crypto markets.

 

About Evgeny Gaevoy

Evgeny Gaevoy grew up in post-Soviet Russia, where he experienced the country’s shift from a controlled economy to one open to the world. His early memories include seeing Western goods appear for the first time and feeling the optimism of change. He studied at the Higher School of Economics in Moscow, a competitive and Western-influenced institution that shaped much of his worldview. It was there that he met Marina Gurevich, who would later become both his wife and business partner. The two married in 2006 and now have two children.

Gaevoy holds an Executive MBA from London Business School, along with an MSc in Finance and a BSc in Economics. His first major role was at Optiver in Amsterdam, one of the world’s top proprietary trading firms, where he managed and scaled the ETF trading desk into a profitable team. The couple later relocated to London in 2017, where Wintermute would be born.

While much of Gaevoy’s public persona focuses on markets and strategy, a few personal details reveal his mindset; he’s fluent in Russian and English, speaks some Dutch, and has once shared his fascination with humanity’s potential to colonize Mars. Though private about his personal life, it’s clear that his curiosity and calculated risk-taking have shaped both his career and his philosophy.

Also read: Elon Musk Net Worth: The Wealthiest Man on Earth Value

 

Evgeny Gaevoy’s Role at Wintermute

In 2017, Evgeny Gaevoy launched Wintermute, inspired by the AI character from William Gibson’s 1984 novel Neuromancer. Starting with just $20,000 of his own money, he entered the crypto market during one of its most volatile periods. Alongside co-founders Yoann Turpin and Harro Mantel, Gaevoy spent months refining algorithms that could detect and exploit small price differences across exchanges.

By 2020, Wintermute’s trading systems had matured, and during the pandemic-induced market chaos, the firm earned over $120,000 in a single day. That success led to an early $2.8 million Series A round backed by Lightspeed Venture Partners. Marina Gurevich soon joined as Chief Operating Officer, overseeing strategy and operations, while Gaevoy focused on trading architecture and risk management.

Under his leadership, Wintermute became a leading global market maker, connected to over 30 centralized and dozens of decentralized exchanges. The firm traded more than $1.5 trillion in volume in 2021, generating over $1 billion in revenue and $582 million in profit. Even after setbacks like the $160 million hack and exposure to FTX’s collapse, Gaevoy has kept the company solvent and focused on innovation.

Today, he continues to run Wintermute with a long-term vision; expanding into derivatives and DeFi infrastructure while preparing for what he calls “the next 2021”. According to Wintermute’s official 2024 OTC Review, institutional trading has reached record levels, with OTC volumes surging by 313% year-over-year. The company expects institutional adoption to accelerate in 2025, driven by regulatory clarity, deeper liquidity, and the rise of spot Bitcoin and Ethereum ETFs, positioning Wintermute at the center of crypto’s institutional evolution.

 

Evgeny Gaevoy Investments and Other Ventures

Beyond trading, Evgeny Gaevoy has guided Wintermute into strategic investments that strengthen its presence across the crypto ecosystem. Through Wintermute Ventures, the firm backs emerging blockchain and DeFi projects while keeping investment decisions independent from its trading operations to avoid conflicts of interest. Gaevoy has also emphasized Wintermute’s growing involvement in DeFi governance, supporting decentralized protocols through active participation.

In 2021, Wintermute was among the investors in Router Protocol’s funding round, and more recently, its venture arm invested in Raven, a crypto trading firm founded by former Wintermute employees.

 

Bottom Line

Evgeny Gaevoy’s net worth may not have an official figure, but it reflects years of calculated risk-taking, technical brilliance, and resilience in a market that rewards nerve as much as strategy. Even during volatile times, he remains a steady voice in crypto finance.

While Gaevoy continues to steer Wintermute steadily through the post-FTX era, others in crypto have faced harsher outcomes, like Sam Bankman-Fried, whose net worth has collapsed and who is now serving a 25-year prison sentence.