Bitwise Cuts Staff Amid Crypto Market Decline

Bitwise Asset Management has reduced its workforce by approximately 14%, cutting staff from around 180 to about 155 employees, according to a recent report. The cuts come after digital assets fell sharply during the first half of 2026, with Bitwise estimating the crypto market declined about 36%. Chief Executive Hunter Horsley said the remaining workforce is still the largest in the firm’s eight-year history.

The reduction follows similar workforce cuts across the crypto industry. Coinbase Global Inc., for instance, disclosed a restructuring plan that affected roughly 700 employees, or about 14% of its global workforce as of May 1, 2026. BitGo and Polygon Labs have also reduced their staff in recent months.

Despite the layoffs, Bitwise remains optimistic about the future of cryptocurrency. According to Ryan Rasmussen, Head of Research at Bitwise, investors focusing only on token prices risk overlooking structural changes across the industry. He noted continued expansion in institutional adoption, tokenization, application revenue, and on-chain financial activity.