Bitwise Slashes Workforce by 14% Amid Cryptocurrency Market Downturn
Bitwise Asset Management has laid off 14% of its workforce as the prolonged cryptocurrency market downturn takes its toll on the industry. According to Bloomberg, the San Francisco-based firm reduced its headcount from roughly 180 to about 155 employees.
The company's CEO, Hunter Horsley, stated that despite the layoffs, Bitwise still has its largest workforce in its eight-year history and expects growth as crypto becomes more deeply integrated into the global economy.
Bitwise manages over 70 crypto products, including a $2.3 billion Bitcoin exchange-traded fund, with total assets under management of about $9 billion.
The industry is experiencing a wave of restructuring, with Coinbase and FalconX having also reduced staff, and BitMEX announcing its closure.