Bitwise Asset Management has reduced its global workforce by 14%, cutting its headcount from approximately 180 employees to about 155 as the cryptocurrency market continues to face weaker prices and lower trading activity.
CEO Hunter Horsley confirmed the layoffs in an emailed statement, saying the reduction was completed last week and leaves the company positioned for continued growth as crypto further integrates into the global economy. The move follows a difficult stretch for some Bitwise products: the Bitwise 10 Crypto Index Fund (BITW) recorded a 31% decline in net assets during the first seven months of 2026, according to data cited by The Block.
Despite the downturn, Bitwise has continued expanding parts of its business. In February it acquired institutional staking provider Chorus One; in May its Hyperliquid exchange-traded fund recorded about $19 million in daily inflows, its largest at the time; and by June its XRP exchange-traded products in the U.S. and Europe had gathered more than $200 million in inflows since the start of 2026.
The job cuts are part of a wider industry trend. BitGo cut nearly 15% of its workforce in June, Coinbase announced an approximately 14% reduction in May, Kraken cut around 150 positions in May, Dune Analytics reduced staff by 25% in May, and Polygon Labs made further layoffs in July.
Bitwise Chief Investment Officer Matt Hougan told Bloomberg on Tuesday that Bitcoin may have already reached its bottom, pointing to its resilience despite delays involving the CLARITY Act and Bitcoin sales by Strategy. He also said large wealth management platforms could become the “quiet catalyst” for the next crypto bull market.
