Bitwise Cuts Staff Amid Prolonged Crypto Price Drop

Bitwise, a crypto asset manager based in San Francisco, has made significant cuts to its staff. The company reduced its team by about 14%, moving from close to 180 employees to around 155, amidst the prolonged drop in crypto prices.

The layoffs come despite growth on the business side, with Bitwise reporting $15 billion in client assets in 2025, up from about $11 billion in April. This climb stands out against the timing of the cuts, which mark a reversal from where Bitwise stood a year and a half ago when it raised $70 million from investors to grow its staff and launch new crypto products.

Bitwise has continued building its product lineup elsewhere during this stretch, including a spot XRP ETF that launched on the NYSE and filings for 11 more single-token ETFs covering assets such as Hyperliquid, Sui, Near, and Aave. The move adds to a wave of layoffs across digital-asset firms this year, with crypto.com recently cutting about 12% of its staff.