Bitwise Scales Back Amid Crypto Downturn: Lays Off 25 Staff

Bitwise, a San Francisco-headquartered digital asset manager, has laid off about 25 people as part of a workforce reduction that shrunk its staff from 180 to 155. The move is the latest in a series of job cuts within the crypto industry this year.

The reason behind Bitwise's decision was not explicitly stated, but it follows similar moves by other companies, including Robinhood and Coinbase, which have also cited shifting priorities towards AI and market forces as part of their restructuring efforts.

Bitwise CEO Hunter Horsley said the company still expects growth as crypto further integrates into the global economy. The company acquired Chorus One in February to expand its staking services.