Bitwise Trims Staff Amid Crypto Downturn

Bitwise, a digital asset manager based in San Francisco, has laid off about 25 people, reducing its workforce by 14%. The company now employs around 155 staff members. This move comes amid a downturn in the crypto market and follows similar reductions at other industry players like Coinbase and Polygon.

According to Bloomberg, Bitwise CEO Hunter Horsley still expects growth as the company integrates further into the global economy. In February, Bitwise acquired Chorus One, expanding its staking services.

The reasons behind job cuts in the digital asset industry this year have varied. Some companies are shifting focus towards AI and stablecoins, while others blame market forces. Since January, shares of the Bitwise 10 Crypto Index Fund (BITW) have fallen by more than 30%, tracking the largest cryptocurrencies like Bitcoin (BTC) and Ether (ETH).