Bitwise Cuts 14% of Staff as Crypto Slump Reaches ETF Issuers

In brief

• Bitwise has cut about 14% of its workforce, taking headcount to around 155 from roughly 180, the asset manager confirmed to Bloomberg.
• CEO Hunter Horsley says the remaining workforce is still the largest in the firm's eight-year history, and expects growth to continue.
• The firm said it runs more than 70 products and about $9 billion in assets, including a $2.3 billion spot Bitcoin ETF.

Bitwise Asset Management has cut roughly 14% of its staff, taking the San Francisco firm to about 155 people from around 180, it confirmed to Bloomberg.

Chief executive Hunter Horsley framed the reduction against a longer arc, telling the outlet that even after the cuts the workforce is the largest in the company's eight-year history, and that he expects growth to continue as crypto is absorbed into the wider economy.

The firm describes itself on its website as managing about $9 billion in client assets across more than 70 investment products, spanning Bitcoin and other ETFs, separately managed accounts, private funds, hedge fund strategies and staking.

The cuts land in a category that has concentrated sharply, with U.S. spot Bitcoin ETFs now holding about $77.5 billion in net assets, of which BlackRock's IBIT accounts for roughly $47.3 billion and Fidelity's FBTC another $10.9 billion, according to SoSoValue. Bitwise's fund holds about $2.3 billion, under 3% of the total. Bitcoin has fallen close to half from the record it set in October 2025 to around $64,000, in a slump now running about 10 months.