Bitwise Trims Workforce Amid $6 Billion Client Asset Slide
Bitwise Asset Management has made significant cuts to its workforce in response to a decline in client assets. The company reduced headcount by about 14%, cutting staff from around 180 to approximately 155, according to an emailed statement to Bloomberg.
The reduction affects roughly 25 positions across various functions, although the specific roles impacted were not specified. This move reverses part of Bitwise's rapid hiring cycle in August 2025, when it reported having over 40 investment products and 108 employees.
Despite the staff cuts, Bitwise still lists $9 billion in client assets across more than 70 products, down from the nearly $15 billion announced a year ago. The company's product lineup expanded after August 2025 even as its asset base contracted.
The decline is also evident in the BITW 10 Crypto Index ETF, which ended June with $532.8 million in net assets, down from $1.03 billion at year-end 2025. Shares outstanding fell to 14.14 million from 17.45 million over the same period, while the net asset value per share dropped to $37.67 from $59.01.
Bitcoin represented 77.8% of the fund's holdings at quarter-end, although it has since recovered some ground. Bitwise's fund page listed $576.5 million in net assets as of August 10, with Bitcoin accounting for 77.48% of the portfolio.