Bitwise Cuts 14% of Staff Amid Crypto Market Downturn
Bitwise Asset Management, one of the largest providers of exchange-traded funds (ETFs), has cut 14% of its workforce as part of a cost optimization effort. The company laid off approximately 25 employees, reducing its headcount from 180 to 155. According to CEO Hunter Horsley, this move will position Bitwise well for future growth.
Horsley remains confident in the crypto market's potential for growth, citing increasing integration of crypto assets into the global economy as a key driver. The company manages around $9 billion in assets across 70 ETFs, including several crypto-based funds such as its spot Bitcoin ETF (BITB), which holds approximately $2.3 billion.
The layoffs come amidst a broader trend of consolidation in the crypto industry, with some projects shutting down and others optimizing costs due to the ongoing market downturn. Hashdex has closed its bitcoin-based ETF, while Grayscale Investments withdrew several applications for new products.