Bitwise Cuts 14% of Staff Amid Crypto Downturn

Bitwise Asset Management has reduced its workforce by approximately 14%, cutting about 25 jobs and bringing its global headcount to around 155 employees. The layoffs, confirmed by CEO Hunter Horsley in an emailed statement, were completed in the week prior to August 12, 2026. The reduction follows a period of expansion for the crypto asset manager, including its acquisition of staking firm Chorus One in February 2026.

The staff adjustment comes as the firm navigates a prolonged downturn in digital asset prices. The net assets of Bitwise's flagship Bitwise 10 Crypto Index Fund, ticker BITW, fell 48.27% to $532.8 million in the first half of 2026, according to a quarterly filing with the Securities and Exchange Commission. Investors redeemed $161.2 million from the fund during that period, while only $3.5 million in new shares were created. The fund's Bitcoin weighting also increased from 75.11% to 77.81% as of June 30, concentrating its holdings further in the largest cryptocurrency.

Horsley framed the cuts as a strategic move to position the company for future growth. "The adjustment equips us well for the ongoing growth we've seen this year and expect to continue as crypto...