The most credible current estimate for Evgeny Gaevoy's net worth sits in the range of $650 million to $700 million, driven almost entirely by his roughly one-third ownership stake in Wintermute Trading, the London-based crypto market maker he founded in 2017. That range comes from secondary wealth-estimate sources cross-referenced against Forbes reporting that Gaevoy 'owns a third of the company' and that Wintermute posted $582 million in net profit on $1.05 billion in revenue in 2021. No audited personal balance sheet is publicly available, so treat these figures as a well-reasoned model output rather than a confirmed number.
Evgeny Gaevoy Net Worth: Estimate Range, Assets, and Timeline
Dmitri Volkov
10 Jun 2026
Who Evgeny Gaevoy is
A quick disambiguation before going further: the name 'Evgeny Gaevoy' occasionally gets conflated with other post-Soviet figures in search results. The subject here is a Russian-born fintech and crypto entrepreneur based in the United Kingdom, not a politician, athlete, or entertainer. He is the founder and CEO of Wintermute Trading Ltd, registered at UK Companies House (company number 10882520), where he also appears as a Person with Significant Control. His profile is distinct from other 'Evgeny' figures covered in related wealth research, including skater Evgeni Plushenko or businessmen like Evgeniy Kochman and Evgeniy Levchenko.
Gaevoy completed an Executive MBA at London Business School between 2015 and 2016, which places him squarely in the London financial ecosystem before founding Wintermute. Before that, he worked at Optiver, the Amsterdam-based proprietary trading firm, where he developed deep expertise in high-frequency trading and ETF market making. That background is the direct intellectual foundation for Wintermute's business model. He incorporated Wintermute Trading Ltd in 2017 and has served as its CEO continuously since. The firm's corporate materials, including its Ventures division pages, consistently identify him as the founding executive, and independent leadership databases like The Org confirm his role.
What 'net worth' actually means in this context
When this database estimates net worth for a private-company founder like Gaevoy, it is not reading off a tax return or a Bloomberg terminal. Wintermute is a private firm, which means no public market cap exists, no share price trades on an exchange, and no mandatory asset disclosures are filed with regulators in the way a listed company would. Instead, estimates are built from a chain of reasonable assumptions: confirmed ownership stake (sourced from UK Companies House PSC filings and corroborated by Forbes journalism), applied against a derived company valuation (using revenue, net profit, and trading volume as comparables), and then adjusted for the inherent illiquidity of a private stake. The result is always a range, not a point estimate, and the range should always carry a date because crypto valuations move fast.
The most useful sources for this kind of estimate, in descending order of reliability, are: primary corporate records (Companies House PSC filings), first-tier journalism (Forbes, Axios), and secondary wealth-estimate aggregators (Cryptowinrate). Each source has a different relationship to the underlying data. Companies House confirms legal control but says nothing about valuation. Forbes translates ownership into qualitative floor estimates. Cryptowinrate converts that into a numeric range using its own modeling assumptions. Understanding this hierarchy matters when you see conflicting numbers.
The net worth estimate: range, components, and when it was calibrated
The current best estimate range, as of mid-2026, is $650 million to $700 million. This figure originates from Cryptowinrate's model, which explicitly applies a 33% ownership assumption to Wintermute's implied valuation. Forbes, writing in December 2022, set a qualitative floor of 'at least in the hundreds of millions' using the same ownership-stake logic, without committing to a specific figure. The gap between 'hundreds of millions' and $650–700 million reflects the crypto market's recovery and Wintermute's continued operational growth between late 2022 and 2026.
| Source | Estimate | Methodology | Date / Reliability |
|---|---|---|---|
| Forbes | At least hundreds of millions (floor) | 33% ownership stake logic applied qualitatively | Dec 2022 / High reliability as primary journalism |
| Cryptowinrate | $650M–$700M | 33% stake applied to derived company valuation | Secondary model / Treat as best-available range |
| UK Companies House PSC | N/A (no valuation) | Confirms significant control only | Ongoing / Primary record for ownership confirmation |
The honest answer is that the real figure could be materially higher or lower depending on how you value Wintermute at this moment in the crypto cycle. In a bull market with high trading volumes, a market-maker's profits and implied valuation spike sharply. In a downturn, they compress just as fast. The $650–700 million range is the most defensible mid-cycle estimate available without access to private company financials. If you are looking for the headline figure, this profile places Evgeny Levchenko net worth in the hundreds of millions range, but it should be treated as an estimate rather than a confirmed statement.
Where the money comes from: income streams and asset categories
The dominant wealth driver is equity value in Wintermute Trading Ltd. Gaevoy owns approximately one-third of the company, a stake confirmed by both Forbes reporting and Companies House PSC records. A UK company directory/profile for WINTERMUTE TRADING LTD lists Mr Evgeny Gaevoy as a director and shows an Active company record. Wintermute's business model generates income through several channels: trading spreads from market-making activity across spot and derivatives markets, liquidity provisioning fees paid by exchanges and protocols, OTC trading services for institutional clients, and its venture capital arm (Wintermute Ventures), which takes equity positions in early-stage crypto projects. Wintermute operated across 65 exchanges according to Axios reporting, which gives a sense of the operational breadth underpinning trading income.
The 2021 financials cited by Forbes illustrate how profitable this model can be at scale: $1.05 billion in revenue and $582 million in net profit. Even after crypto market turbulence in 2022 and subsequent cycles, a firm with that earnings history commands a meaningful private-market valuation. A conservative 3–5x net profit multiple on peak-year earnings alone would imply a firm value well above $1 billion, making Gaevoy's one-third stake worth several hundred million dollars at minimum.
Beyond the Wintermute equity, secondary wealth categories likely include personal cryptocurrency holdings, which are common among crypto-native founders but nearly impossible to verify without voluntary disclosure, and any carried interest or profit distributions from Wintermute Ventures investments. OSINT research has flagged the potential for holdings through intermediate entities, but no specific assets have been publicly documented. For estimation purposes, the equity stake remains the only strongly sourced component.
The wealth-building timeline
- Pre-2015: Trading career at Optiver in Amsterdam, building HFT and ETF expertise that would directly inform Wintermute's market-making approach.
- 2015–2016: Executive MBA at London Business School, establishing UK-based professional networks and formulating the Wintermute concept.
- 2017: Incorporation of Wintermute Trading Ltd in the UK. Gaevoy registers as a director and Person with Significant Control at Companies House.
- 2017–2020: Early-stage growth as a crypto market maker, scaling operations across exchanges as crypto trading volumes increased.
- 2021: Peak performance year. Forbes later reports $1.5 trillion in trading volume, $1.05 billion in revenue, and $582 million in net profit for the firm. This is the moment the equity stake became genuinely transformative wealth.
- September 2022: Wintermute suffers a significant hack, losing approximately $160 million in digital assets from its DeFi operations. Gaevoy publicly confirms the breach and states the firm remains solvent. This event compresses near-term estimates.
- Late 2022–2023: Post-FTX collapse, Wintermute is positioned as a surviving institutional market maker. Forbes profiles Gaevoy as an emerging figure in the post-SBF crypto landscape.
- 2024–2026: Continued expansion of Wintermute Ventures and institutional services, with the firm maintaining its position as a top-tier liquidity provider across centralized and decentralized markets.
Controversies, hacks, and events that affect the estimate
The most material documented event is the September 2022 hack of Wintermute's DeFi infrastructure, which resulted in a loss of approximately $160 million in crypto assets. Gaevoy was transparent about the breach, confirming it publicly and stating that the company remained operationally solvent, with its CeFi and OTC businesses unaffected. The incident matters for wealth estimation because it represents a direct asset loss from a firm he partly owns, and it temporarily shook market confidence in the company. The fact that Wintermute continued operating and retained institutional clients post-hack suggests the damage was absorbed rather than existential.
Unlike many post-Soviet wealth profiles on this database, Gaevoy does not appear on any Western sanctions lists as of June 2026. His company is UK-incorporated, operates under FCA-adjacent regulatory frameworks, and his public profile is that of a fintech operator rather than a politically exposed person. This meaningfully reduces the sanctions-related uncertainty that complicates estimates for figures like Evgeny Khmara or Evgeny Genchev, whose assets intersect more directly with geopolitical risk.
For comparison, you can also review evgeniy kochman net worth to see how geopolitical risk and asset intersections change uncertainty in wealth estimates. Evgeny Genchev net worth figures are often modeled using similar private-company valuation logic rather than audited personal disclosures. If you are specifically looking up Evgeny Khmara net worth, it helps to cross-check how his situation compares to Gaevoy's equity and valuation drivers.
There is no documented bankruptcy, asset freeze, or criminal proceeding in available public records as of this writing.
Regulatory risk remains a background factor. Crypto market makers globally face evolving oversight from the SEC, FCA, MiCA in Europe, and other frameworks. Any enforcement action, licensing restriction, or forced restructuring could affect Wintermute's valuation and therefore Gaevoy's net worth indirectly. This is not a near-term documented threat but is worth monitoring for anyone using this profile for financial research.
How reliable are these numbers, and how to verify them
The ownership stake is the most reliably sourced component of this estimate. UK Companies House PSC records are legally filed and publicly searchable: search company number 10882520 at find-and-update.company-information.service.gov.uk to confirm Gaevoy's status directly. Forbes' reporting corroborates the approximate one-third ownership fraction. These two sources together give you a solid anchor for the equity-stake assumption.
The valuation applied to that stake is where uncertainty enters. Wintermute has never disclosed a formal valuation in connection with a funding round or IPO, which means any model is reverse-engineering a private-company value from operational metrics. The $650–700 million personal net-worth estimate is best understood as 'plausible given publicly known financials' rather than 'confirmed.
Knownalytics’ editorial policy notes that OSINT and net-worth databases typically cross-reference public records and multiple independent sources, but when exact rules for date or range selection are not explicitly documented, those ranges should be treated as model outputs rather than audit-backed valuations plausible given publicly known financials. ' If Wintermute were ever to raise institutional capital at a disclosed valuation, or pursue a public listing, that number would either be validated or revised significantly.
To stay current on this profile, the most useful things to monitor are: any Wintermute funding announcements or M&A activity (which would imply a disclosed valuation), regulatory filings in the UK or EU that might surface financial data, investigative journalism from outlets like Forbes, The Block, or CoinDesk that cover crypto firm financials, and any changes to Gaevoy's PSC status at Companies House. If Wintermute expands its venture arm significantly and takes on LP capital, those structures might eventually surface in public filings. Until then, the $650–700 million range is the best available working estimate for mid-2026, with the caveat that crypto cycle movements could shift it by 20–30% in either direction within a single year.
- Check UK Companies House (company number 10882520) to verify Gaevoy's current PSC and director status.
- Search Forbes, CoinDesk, The Block, and Axios archives for any Wintermute financial disclosures or funding announcements.
- Monitor for MiCA or FCA regulatory actions that could affect Wintermute's operating model.
- Watch for any public statements from Gaevoy about distributions, personal investments, or firm valuation in conference appearances or interviews.
- Cross-reference any updated wealth-estimate aggregators against the underlying ownership fraction assumption: if they diverge significantly from ~33%, scrutinize the methodology.
FAQ
How can I verify Evgeny Gaevoy’s ownership stake if Wintermute is private?
Start with the UK Companies House PSC entry for Wintermute Trading Ltd (company number 10882520), then confirm the listing dates and wording match his status as Person with Significant Control. Companies House is about legal control, not valuation, so you should treat the stake as anchored but still apply a separate valuation model for net worth.
Why do net worth sites sometimes show a single number instead of a range for Gaevoy?
For private-company founders, most sites compress a model range into one headline figure for readability, then back into that point using an assumed valuation scenario. The more credible estimates explicitly include a valuation date and a volatility cushion because market-maker profitability and crypto market liquidity swing quickly.
What would most likely make Gaevoy’s net worth estimate increase from the current $650–700 million range?
The biggest driver would be a higher implied Wintermute valuation due to sustained higher trading volumes and profit margins, or any event that reveals a disclosed valuation (major funding round, M&A transaction, or restructuring that surfaces terms). Secondary boosts could come from exits or meaningful liquidity events in Wintermute Ventures, but those are harder to confirm without public deal details.
What would most likely push the estimate materially lower?
A sustained crypto downturn that reduces market-making volumes and compresses spreads would lower profitability and the implied private valuation. Another downside is operational disruption beyond the 2022 incident, for example larger custody or DeFi losses, or a regulatory change that restricts core activities and forces a business model shift.
Does the September 2022 Wintermute hack mean Gaevoy’s wealth permanently dropped?
Not necessarily. The article notes Wintermute said it remained solvent and that CeFi and OTC operations continued, which suggests the impact was absorbed rather than existential. Net worth models still adjust for the loss period, but over time the estimate can rebound if profitability and confidence return, especially because the estimate is based on implied equity value rather than cash receipts.
Are Gaevoy’s personal crypto holdings included in the $650–700 million estimate?
They are not reliably included. The article treats personal wallet or token holdings as nearly impossible to verify without voluntary disclosure, so the sourced anchor is the Wintermute equity stake. If you see an estimate that is much higher, it may be adding unverified personal holdings or intermediated entities.
How sensitive is the estimate to the 33% stake assumption?
Quite sensitive, because equity value scales roughly linearly with ownership percentage in these models. Even a modest change in the effective economic ownership (for example, if there are different classes of shares, voting arrangements, or vesting structures not obvious in PSC wording) can shift the net-worth range without changing Wintermute performance.
What valuation method is most appropriate for Wintermute Trading, given the business model?
A profitability-based approach is commonly used, but you should be cautious about using peak-year metrics. Better models blend revenue and net profit expectations, then apply a multiple suited to market-maker and liquidity-provider risk. The article’s discussion of using a net profit multiple is a practical shorthand, but the multiple should reflect current cycle conditions.
Should I treat the estimate as mid-2026 only, or can it be used for other years?
You should treat it as time-specific. The article emphasizes that crypto valuations and liquidity move fast, and it even notes a potential 20 to 30% swing in a single year. If you want an estimate for a different quarter, you should update the valuation assumptions using more recent operational metrics where available.
Are sanctions and enforcement risks significant for Gaevoy compared with other Evgeny figures?
Sanctions risk appears lower in the article because there is no appearance on Western sanctions lists as of June 2026 and the company is UK-incorporated. Still, regulatory enforcement can occur even without sanctions, so you should monitor UK and EU crypto oversight changes that could affect licensing, reporting, or permissible market-making activities.
If Wintermute raised capital or listed publicly, would that automatically confirm Gaevoy’s net worth?
It would substantially improve confidence, but not always fully confirm. A disclosed valuation in a funding round or IPO would let models replace reverse-engineering with a market-based figure. However, taxes, liquidity constraints, and any off-balance-sheet structures (like carried interest economics) could still cause differences between a company valuation and a personal net-worth calculation.
What are practical steps to update the estimate yourself without access to private financials?
Monitor Companies House PSC updates for any ownership or control changes, then track reputable reporting on Wintermute’s financial performance, major exchange relationships, funding or M&A news, and any follow-up investigations after significant incidents. Finally, refresh the valuation scenario using the latest cycle indicators, because the model output range is driven more by assumed equity valuation than by new information about his personal assets.
