Bitwise Trims Workforce by 14% Amid Extended Crypto Downturn

Bitwise Asset Management has cut about 14% of its staff, reducing its workforce from roughly 180 to about 155 employees, as the company confirmed the move was driven by sustained weakness in cryptocurrency prices.

CEO Points to Long-Term Growth Despite Cuts

Bitwise CEO Hunter Horsley noted that even after the reduction, the firm’s headcount remains the highest in its eight-year history. He said he expects the business to keep growing as digital assets become further integrated into the broader economy.

Firm Still Manages Billions Across Products

Bitwise currently oversees more than 70 products, including ETFs, private funds and separately managed accounts. Its Bitcoin ETF holds around $2.3 billion in assets, while the firm’s total assets under management stand at about $9 billion. The layoffs come during a roughly 10-month slump in crypto markets, with Bitcoin trading nearly 50% below its peak from last October.

The cuts mirror a broader pattern across crypto asset managers, who are prioritizing cost discipline and core product lines over expansion during the extended downturn, a trend also seen at other major industry players in recent months.