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Bitwise Asset Management has reduced its workforce by about 14% as a prolonged crypto downturn pressures companies across the digital asset industry.
The firm, which manages $9 billion across more than 70 products, cut staff to around 155 employees from approximately 180, according to a company statement.
Bitwise CEO Hunter Horsley said the company still has more employees than at any other point in its eight-year history and expects continued growth as crypto becomes more deeply embedded in the global economy.
The asset manager joins a growing list of crypto companies, including Coinbase, Gemini and FalconX, that have cut headcount, while a number of long-time players in the sector have announced shutdowns or restructurings.
Digital assets have struggled to regain momentum after many hit record highs late last year. Uncertainty surrounding US-Iran tensions has added to the pressure, while retail traders appear increasingly drawn to sports betting and AI-related stocks rather than crypto.
The industry is also waiting for clearer policy catalysts. US crypto legislation remains stuck in the Senate, while there has been little public movement on the US Strategic Bitcoin Reserve.
Disclosure: This article was edited by Vivian Nguyen. For more information on how we create and review content, see our Editorial Policy.
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