Bitwise cuts 14% of staff as crypto layoffs mount during market downturn

Staff Reduction

14%

Bitwise Asset Management has cut its workforce by 14%.

Current Employees

155

The company now has approximately 155 employees following the layoffs.

Net Asset Drop

31%

The Bitwise 10 Crypto Index Fund's net assets decreased by 31% in the first seven months of 2026.

§ 01 Executive Snapshot

What: Bitwise Asset Management has reduced its workforce by 14% amid a downturn in the crypto market.
Who: Bitwise Asset Management, CEO Hunter Horsley, CIO Matt Hougan.
Why it matters: This move reflects broader trends of layoffs in the crypto industry as companies adapt to market pressures and pursue efficiency through strategic adjustments.

Bitwise has trimmed its global team by 14%, reducing the number of employees to approximately 155.
The company's key product, the Bitwise 10 Crypto Index Fund (BITW), reported a 31% drop in net assets over the first seven months of 2026.
In February, Bitwise completed the acquisition of Chorus One, an institutional staking provider, to enhance its staking operations.

The layoffs at Bitwise are part of a larger trend in the crypto industry, with companies like Polygon Labs and Coinbase also reducing staff in response to ongoing market challenges.
Despite the layoffs, Bitwise's leadership has expressed optimism about the future of the crypto market, indicating potential recovery and growth.

The immediate consequence of the layoffs is a streamlined operation at Bitwise, potentially positioning the firm for better efficiency and growth in a recovering market.
Long-term, the shift towards AI-driven efficiencies and strategic acquisitions may help Bitwise and similar firms adapt to evolving market conditions and investor needs.

Ongoing regulatory and market pressures could pose significant challenges to Bitwise's growth prospects and overall stability.
The competitive landscape in the crypto sector remains fierce, with multiple firms also pursuing innovations and cost-cutting measures.

Monitoring market recovery indicators, especially in bitcoin's performance, could signal a potential turnaround for Bitwise and the broader crypto market.
Future strategic acquisitions or partnerships could also serve as indicators of Bitwise's growth trajectory and market positioning.

§ 07

What percentage of staff did Bitwise cut?

Bitwise Asset Management has reduced its workforce by 14%.

Why is Bitwise laying off employees?

The layoffs reflect broader trends in the crypto industry as companies adapt to market pressures and pursue efficiency.

Who are the key figures at Bitwise Asset Management?

The key figures at Bitwise are CEO Hunter Horsley and CIO Matt Hougan.

What is the Bitwise 10 Crypto Index Fund's recent performance?

The Bitwise 10 Crypto Index Fund (BITW) reported a 31% drop in net assets over the first seven months of 2026.