Bitwise Cuts 14% of Staff as Crypto Slump Stretches Into 10th Month

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Bitwise Asset Management cut 14% of its workforce as a prolonged downturn in the cryptocurrency market weighs on the industry.

Bloomberg reported on August 11 that the San Francisco-based firm reduced its headcount to about 155 from roughly 180. Even after the layoffs, the company still has its largest workforce in its eight-year history, Chief Executive Officer Hunter Horsley said. He added that growth will continue as crypto becomes more deeply integrated into the global economy.

Bitwise manages more than 70 crypto products, including a $2.3 billion Bitcoin exchange-traded fund. Its total assets under management are about $9 billion.

The cuts align with a broader wave of restructuring across the crypto industry. Bitcoin is trading at about $64,000, down roughly 50% from the record high it reached in October 2025. The downturn has lasted about 10 months. Coinbase and FalconX have also reduced staff, while exchange BitMEX has announced its closure.

The industry, which is hoping for a market rebound, is also facing fresh headwinds. Retail investors, once a key source of demand in crypto markets, are shifting their focus to sports-betting sites and artificial intelligence-related stocks, Bloomberg reported.