Bitwise Asset Management has reduced its workforce by about 14% as a prolonged crypto downturn pressures companies across the digital asset industry.
The firm, which manages $9 billion across more than 70 products, cut staff to around 155 employees from approximately 180, according to a company statement.
Bitwise CEO Hunter Horsley said the company still has more employees than at any other point in its eight-year history and expects continued growth as crypto becomes more deeply embedded in the global economy.
The asset manager joins a growing list of crypto companies, including Coinbase, Gemini and FalconX, that have cut headcount, while a number of long-time players in the sector have announced shutdowns or restructurings.
Digital assets have struggled to regain momentum after many hit record highs late last year. Uncertainty surrounding US-Iran tensions has added to the pressure, while retail traders appear increasingly drawn to sports betting and AI-related stocks rather than crypto.
