Bitwise Cuts 14% of Staff as Client Assets Fall to $9 Billion

Bitwise Asset Management has undergone significant changes in recent months, with the company cutting about 14% of its workforce. This reduction brings the number of employees to roughly 155 from around 180, affecting approximately 25 positions across various functions.

The decision comes as Bitwise contends with a sharp decline in client assets. The firm now lists $9 billion in assets under management across more than 70 products, down from over $15 billion announced nearly a year earlier.

Additionally, the BITW index fund ended June with $532.8 million in net assets, down from $1.03 billion at year-end 2025. The decline is also reflected in the fund's shares outstanding, which fell to 14.14 million from 17.45 million over the same period.

Despite this, Bitwise remains optimistic about the market's prospects. Chief Investment Officer Matt Hougan stated that crypto may be at the bottom of its current winter, and the company's fund has since recovered some ground, with $576.5 million in net assets as of August 10.