Boris Gertsovsky Got Rid of His Stake in GDEV: What the March 2026 Share Sale Means

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In March 2026, Boris Gertsovsky – co-founder of the gaming company GDEV Inc. (formerly known as Nexters) – sold off all of his remaining shares in the company. This significant move marked the exit of one of GDEV’s founders from its shareholder ranks, while the other co-founder (CEO Andrey Fadeev) increased his stake to solidify control. Below, we delve into the details of this share sale, the background of the people and company involved, and what it all means for GDEV’s ownership, governance, and future.

Yelzkizi Boris Gertsovsky Got Rid of His Stake in GDEV: What the March 2026 Share Sale Means

Boris Gertsovsky sold his remaining GDEV shares

In mid-March 2026, Boris Gertsovsky sold his entire remaining stake in GDEV to Andrey Fadeev, the company’s CEO and co-founder. This transaction officially ended Gertsovsky’s financial ties and ownership role in the company he helped found. Gertsovsky had previously stepped down from the board in 2022 and had already exited his executive and operational roles prior to this final sale. Following the deal, Gertsovsky holds 0% of GDEV shares, marking the end of an era as leadership and equity are now more concentrated in the hands of the remaining founder.

How many shares Boris Gertsovsky owned before exiting GDEV

Before his exit, Boris Gertsovsky held approximately 2.73 million ordinary shares, representing a 15% minority stake in GDEV (based on roughly 18.15 million shares outstanding). This block was the last of his holdings, which he had gradually reduced since the company went public. The shares were sold directly to Andrey Fadeev in a private, off-market transaction rather than through the open market. At the time of the sale, this 2.73 million-share block had an estimated market value in the high eight-figure range, totaling tens of millions of dollars.

Andrey Fadeev increased his GDEV stake to 37%

By acquiring Gertsovsky’s 2.73 million shares, Andrey Fadeev increased his total ownership from approximately 22–23% to 37.0%. He now beneficially owns 6,709,391 shares, making him the largest single shareholder of GDEV by a significant margin. While this 37% stake is a plurality rather than an absolute majority, it grants Fadeev substantial voting power and aligns his personal interests even more closely with the company’s performance as CEO and Chairman.

March 17, 2026 GDEV share purchase explained

The transaction was executed on March 17, 2026, as a private share purchase agreement between Fadeev and Gertsovsky. Fadeev purchased the 2,730,384 shares in his personal capacity for approximately \$34.125 million, which implies a price of roughly \$12.50 per share (a slight discount to the market price at the time). The purchase was financed in part through a bank loan. Following the deal, both parties filed the required Schedule 13D and 13G disclosures with the SEC, and GDEV publicly announced the transaction via a press release and Form 6-K on March 18, 2026.

Was the GDEV transaction a private deal or a company buyback?

The share transfer was a private transaction between individuals and was not a company share buyback. GDEV Inc. was not a party to the deal, used no corporate funds, and did not issue or retire any shares. Consequently, the total number of shares outstanding remained unchanged, and there was no cash outflow or dilution for the company itself. The transaction was strictly an internal reallocation of existing equity from one founder to another.

Why the sale price of Boris Gertsovsky’s GDEV shares was not disclosed

GDEV’s initial press release did not disclose the sale price because the transaction was a private agreement between two individuals, and the company was not legally required to publish the financial terms. While the shares had a market value of approximately \$38.6 million (based on a \$14.15 trading price), subsequent SEC filings by Fadeev revealed the actual negotiated price was \$34.125 million. Companies often omit these details in press materials to maintain confidentiality regarding insider arrangements and personal investments.

GDEV ownership structure after Boris Gertsovsky exited

Following the transaction, GDEV’s ownership is highly concentrated. Andrey Fadeev is the dominant stakeholder with 37%. The next largest known holder is Kismet Sponsor Limited (associated with Ivan Tavrin), which holds approximately 5.9%. The remaining 58–60% of shares constitute the public float held by institutional and retail investors, none of whom are reported to hold more than 5%. This exit simplified GDEV’s structure, leaving Fadeev as the sole anchor shareholder among the founders.

What changes in GDEV control and governance after the stake sale

The sale significantly centralized governance power with Andrey Fadeev. As part of the deal, Gertsovsky irrevocably waived and transferred his founder rights to appoint board members to Fadeev. Previously, the two founders jointly held the right to appoint two directors; Fadeev now holds this authority alone. While the board maintains a majority of independent directors (five out of seven seats) to provide oversight, Fadeev’s increased equity and consolidated appointment rights move GDEV from a two-founder model to a single-founder model, streamlining strategic decision-making.

SEC Exhibit 99.1 on the GDEV founder stake transaction

GDEV formally documented the transaction with the SEC via a Form 6-K filing on March 17, 2026. Exhibit 99.1 of this filing contained the official press release, which confirmed the purchase of 2,730,384 shares, Gertsovsky’s full divestment, and the transfer of board appointment rights. The filing reiterated that the deal was a private transaction conducted by Fadeev personally and ensured full transparency for investors regarding the resulting changes in ownership and governance.

Who is Boris Gertsovsky and what is he doing after leaving GDEV

Boris Gertsovsky is a veteran entrepreneur and game developer who co-founded Nexters (now GDEV) in 2010 alongside Andrey Fadeev. He served in key leadership and creative roles, including Head of R&D and Creative Director, and was instrumental in the development of flagship hits like Hero Wars. After the company went public in 2021, Gertsovsky began stepping back, resigning from the Board of Directors in August 2022 and fully exiting operational and employment roles by mid-2023. Since leaving GDEV, he has pivoted back to a startup environment as the Founder and CPO of Crazybit, a studio he revived in 2024 to focus on hands-on creative work and emerging technologies like AI.

Crazybit and Boris Gertsovsky’s next move after GDEV

Crazybit is a Cyprus-based game development studio originally led by Gertsovsky from 2012 to 2015 and revived by him in 2024. The studio focuses on innovative PC and console games, utilizing Unreal Engine, AI, and “Emotional Design.” In mid-2025, Crazybit entered a 50/50 joint venture with international publisher MY.GAMES to develop new titles. Its current projects include an unannounced fast-paced action MMORPG set in a “Bio-Funk” world. While Crazybit is a separate entity from GDEV, it benefits from Gertsovsky’s extensive industry experience and the established gaming ecosystem in Cyprus.

GDEV and Nexters: how the company evolved into a gaming holding

Originally founded as a single-game studio in 2010, Nexters evolved into GDEV Inc., a multi-studio gaming holding company. The company went public via a SPAC merger with Kismet Acquisition One Corp in 2021, adopting the ticker symbol “GDEV.” Following a trading suspension on the Nasdaq in early 2022 due to its Russian roots, the company restructured by relocating staff, internationalizing its board, and severing ties with sanctioned entities. In June 2023, it officially rebranded as GDEV Inc. to reflect its holding structure, which now includes the original Nexters studio as a subsidiary alongside other acquired or partially controlled entities like Cubic Games, Dragon Machines, and Royal Ark.

GDEV portfolio and key game franchises under Nexters and other studios

GDEV manages a diverse portfolio of games across several genres, including RPG, strategy, shooter, and idle games. Key franchises include:

Nexters: Hero Wars (flagship action RPG), Throne Rush (strategy), and Island Hoppers (casual adventure).
Cubic Games: Pixel Gun 3D (mobile FPS with over 3 million monthly active users).
Royal Ark: Dawn of Zombies (survival RPG) and Idle Zombie Miner (a top-ranking idle tycoon game).
R&D Studios: Game Gears (AI-driven interactive stories) and Light Hour Games (AI-first casual games).

Collectively, GDEV’s franchises have surpassed 550 million installations and generated approximately \$2.7 billion in lifetime bookings, demonstrating a successful strategy of genre diversification and studio acquisition.

GDEV stock price context around the Boris Gertsovsky stake exit

In March 2026, GDEV shares traded in the \$14.00–\$15.00 range on the Nasdaq. At an approximate price of \$14.15, Boris Gertsovsky’s 2.73 million share block was valued at roughly \$38–\$39 million. The stock had experienced significant volatility over the preceding year, with a 52-week range of \$8.60 to \$42.20. The decline from the February 2026 high of \$42.20 suggested a normalization of the share price following earlier speculative peaks.

The market generally viewed Andrey Fadeev’s purchase of the shares as a vote of confidence. While the stock experienced a brief knee-jerk dip of approximately 10% upon the announcement—opening at \$14.18 compared to a previous close of \$15.82—it stabilized quickly. Because the transaction was a private transfer between individuals, it did not cause dilution or change GDEV’s fundamental financial health. Analysts remained generally positive, citing low P/E ratios and a growing portfolio as indicators of value.

Frequently Asked Question (FAQs)

When did Boris Gertsovsky sell his remaining shares in GDEV?
The transaction was finalized on March 17, 2026, and publicly announced on March 18, 2026.
How many shares did Boris Gertsovsky sell, and to whom?
Boris sold 2,730,384 shares directly to Andrey Fadeev, GDEV’s co-founder, Chairman, and CEO.
Why did Boris Gertsovsky decide to sell his stake in GDEV?
The sale completed his full disengagement from the company. Having already left his board and operational roles, the sale allowed him to liquidate his investment and focus on his new venture, Crazybit.
How was the share sale executed?
It was a private, off-market transaction between the two founders. It was not a company buyback, and GDEV Inc. was not a party to the deal.
Was the sale price of the GDEV shares disclosed?
The price was not in the official press release, but regulatory filings indicated a negotiated price of approximately \$34.125 million (roughly \$12.50 per share).
What percentage of GDEV does Andrey Fadeev own now?
Andrey Fadeev now owns approximately 37% of GDEV’s outstanding shares, making him the largest single shareholder.
Does Andrey Fadeev now have control of GDEV?
While 37% is a plurality rather than a 51% majority, Fadeev holds significant voting power and sole founder-designated board appointment rights. The board remains majority-independent.
What is Crazybit, the studio Boris Gertsovsky now leads?
Crazybit is a Cyprus-based studio revived by Gertsovsky in 2024. It focuses on PC and console games, utilizing Unreal Engine and AI.
What does GDEV Inc. do, and what are its major games?
GDEV is a gaming holding company. Its major franchises include:
- Hero Wars
- Throne Rush
- Island Hoppers
- Pixel Gun 3D
- Dawn of Zombies
- Idle Zombie Miner
How did the market react to the co-founder’s stake sale?
The reaction was mild. After a brief initial dip, the stock stabilized as investors viewed the CEO’s increased stake as a sign of long-term commitment.

Conclusion

The exit of Boris Gertsovsky marks the end of GDEV’s era of dual-founder control. Andrey Fadeev now leads the company as the sole anchor shareholder with 37% ownership. This consolidation simplifies GDEV’s governance and aligns the CEO’s interests closely with those of the shareholders.

GDEV has successfully transitioned from a single-studio startup into a mature holding company with a diversified portfolio that has reached 550 million installations and \$2.7 billion in lifetime bookings. While Fadeev steers GDEV’s future growth and acquisitions, Gertsovsky has returned to his creative roots at Crazybit. The transition was orderly, leaving GDEV with a clear leadership structure and a solid foundation of “forever franchises” and emerging titles. Both founders remain active in the gaming industry, pursuing separate but ambitious paths.