Bitwise Asset Management has reduced its workforce by 14%, bringing its global staff count down to about 155 employees as the company navigates a prolonged downturn in the crypto market.
CEO Hunter Horsley confirmed that the layoffs were completed last week. Despite the cuts, he said the company remains confident about its future and believes the move will help support continued growth as crypto becomes more integrated into the global financial system.
The decision comes during a challenging period for the industry. One of Bitwise’s flagship products, the Bitwise 10 Crypto Index Fund (BITW), saw its net assets fall by 31% during the first seven months of 2026, reflecting the broader decline in digital asset prices.
Even with market pressures, Bitwise has continued expanding its business. In February, the company acquired institutional staking provider Chorus One, strengthening its presence in the growing staking sector.
Bitwise has also continued attracting investor interest. Its Hyperliquid ETF recorded strong inflows earlier this year, while the company’s XRP investment products in the U.S. and Europe reportedly brought in more than $200 million in new investments since the start of 2026.
The layoffs place Bitwise among several crypto companies that have reduced staff this year. Firms including BitGo, Coinbase, Kraken, Dune Analytics, and Polygon Labs have also announced workforce reductions as they adjust to weaker market conditions and increasing use of artificial intelligence.
Despite the challenges, Bitwise executives remain optimistic about the crypto market’s long-term outlook. Chief Investment Officer Matt Hougan recently suggested that Bitcoin may have already reached the bottom of the current market cycle. He believes growing participation from large wealth management firms could play a major role in driving the next crypto bull market.
While Bitwise is tightening operations for now, the company continues to invest in new products, acquisitions, and institutional services as it prepares for future growth.
