Bitwise Slashes Workforce Amid Prolonged Crypto Downturn
Bitwise Asset Management has made significant cuts to its workforce in response to the prolonged crypto downturn. The company, which manages $9 billion across over 70 products, has reduced its staff by approximately 14%.
This reduction brings Bitwise's employee count to around 155 individuals, down from about 180 employees previously. Despite this decrease, CEO Hunter Horsley emphasizes that the firm still has more employees than at any other point in its eight-year history.
The crypto industry as a whole is experiencing pressure due to the prolonged bear market and uncertainty surrounding US-Iran tensions. The lack of clear policy catalysts, such as US crypto legislation, is also contributing to the challenges faced by companies like Bitwise.