Even as many crypto-linked stocks spent the year sliding, executives at some of the industry’s biggest firms walked away with hefty compensation packages, according to SEC filings reviewed by Protos.com. While shareholders felt the impact of declining valuations, top executives saw their pay swell thanks to bonuses, stock options, and special protections built into their contracts.
Big Paydays in a Down Market
David Bailey, CEO of the bitcoin treasury firm Nakamoto and a close ally of President Donald Trump, assembled one of the most generous packages of the year. His compensation included:
- a signing bonus
- consulting fees
- stock options and restricted stock units
- cash bonuses
- and even private jet privileges
All of these payments were funneled to a company Bailey controls.
Michael Saylor, the founder of Strategy, also saw his wealth grow. His compensation included high-voting Class B shares, stock options, and convertible securities even as Strategy’s common stock suffered a sharp decline.
Anthony Pompliano structured a package that guaranteed him a significant payout even if ProCap’s stock price dropped. And drop it did.
The arrangement drew backlash from activist investor Paul Glazer, who disclosed a 7.7% stake in Columbus Circle Capital Corp I the SPAC that ProCap is trying to merge with. Glazer issued a scathing letter saying he plans to vote against the deal “in its present form.”
Executive Perks Across the Sector
Compensation remained robust across several other crypto firms:
- Joseph Onorati, CEO of DeFi Development Corporation, earns a $574,000 base salary with the potential for a 200% bonus tied to company milestones.
- Adam Sullivan, CEO of Core Scientific, secured a pay increase despite the stock barely moving through the year.
- Allan Marshall, who leads Solana treasury company Upexi, received salary, grants, and warrants, even as the firm’s equity fell below the value of its own Solana holdings.
When Stocks Fall, Executive Pay Doesn’t Always Follow
The filings paint a clear picture: even during long periods of market weakness, executive compensation across the crypto sector remains strikingly resilient. While investors grappled with declining stock performance in 2025, crypto execs continued to accumulate wealth proving once again that in this industry, executive wallets can grow even when the markets don’t.
