Bitwise Cuts Staff Amid Crypto Market Downturn, Sees Signs of a Bitcoin Bottom

Bitwise Asset Management has reduced its workforce by 14% as it navigates through a prolonged crypto market downturn. The company's global team now stands at around 155 employees, down from the previous number.

Crypto asset manager Bitwise has been operating despite weaker market conditions and continues to expand its business through acquisitions. In February, the company acquired Chorus One, an institutional staking provider, which expanded its staking operations.

Despite the layoffs, Bitwise' CEO Hunter Horsley expressed optimism about the company's future growth prospects. He stated that the staff reduction has equipped the company well for ongoing growth as crypto further integrates into the global economy.

Bitwise' Chief Investment Officer Matt Hougan also shared his views on the current market conditions. He believes that Bitcoin may have already reached its bottom, citing its ability to hold up despite recent negative developments.