Bitwise Slashes Workforce by 14% Amid Crypto Market Downturn

Bitwise, a San Francisco-based asset manager, is cutting its workforce by 14% as the crypto market slump affects ETF issuers. The company reduced its staff from around 180 to approximately 155 employees.

The layoffs are tied to the trend of declining crypto prices and limited growth in fee-based revenue for asset managers. Bitcoin's price has plummeted by nearly half from its record high in October 2025, now hovering around $64,000. Bitwise CEO Hunter Horsley stated that the workforce reduction is an adjustment for long-term growth.

The company manages over $9 billion in assets, including a $2.3 billion spot bitcoin ETF. However, despite the market's expansion, smaller issuers like Bitwise are struggling to benefit from it, with only about 3% of the total net assets concentrated in their product.