Bitwise Cuts Staff Amid Crypto Downturn

Bitwise Asset Management has reduced its workforce by about 14% as the prolonged crypto downturn continues to affect companies across the digital asset industry.

The firm, which manages $9 billion across more than 70 products, cut staff from approximately 180 employees to around 155, according to a company statement.

Bitwise CEO Hunter Horsley said that despite the reduction, his 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.