Bitwise Trims 14% of Staff as Crypto Winter Shrinks Assets to $9 Billion
Bitwise Trims 14% of Staff as Crypto Winter Shrinks Assets to $9 Billion #
Bitwise Asset Management, the San Francisco-based crypto index fund manager, cut roughly 14% of its global workforce, reducing headcount from approximately 180 to around 155 employees, a reduction of about 25 positions, as a prolonged digital-asset downturn continues to squeeze revenues across the sector.
CEO Hunter Horsley confirmed the cuts in an emailed statement, saying the restructuring had been completed and left the company well positioned for further growth. The restructuring “equips us well for the ongoing growth we’ve seen this year and expect to continue as crypto further integrates into the global economy,” Horsley said in the statement.
Client assets across Bitwise’s more than 70 products have fallen sharply. The firm now reports approximately $9 billion in assets under management, down from more than $15 billion roughly a year ago. The sharpest decline is in its flagship Bitwise 10 Crypto Index ETF (BITW), whose net assets fell to $532.8 million at the end of June from $1.03 billion at year-end 2025, a drop of nearly 48%, according to a Form 10-Q filed with the U.S. Securities and Exchange Commission. Net asset value per share dropped to $37.67 from $59.01 over the same period.
The cuts reverse a rapid hiring push that saw Bitwise grow from 108 employees in August 2025 to around 180 before the latest layoffs. The expansion was funded in part by a $70 million fundraise in early 2025, aimed at broadening the firm’s team and product suite. Earlier this year, Bitwise also acquired institutional staking provider Chorus One, extending its reach beyond index products.
Despite the headcount reduction, Bitwise’s investment leadership has taken a bullish stance. Chief Investment Officer Matt Hougan argued in media interviews this week that crypto markets may already be at the bottom of the current bear cycle, pointing to a collapse in excess leverage across derivatives markets and Bitcoin’s resilience against negative catalysts, including delays to the CLARITY Act in the U.S. Senate and recent selling by Strategy.
Bitwise is not alone in cutting staff. BitGo reduced its workforce by nearly 15% in June, while Coinbase, Gemini, Crypto.com and Kraken have all trimmed headcount during 2026 as weak token prices drag on trading volumes and asset manager revenues across the industry.
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