Bitwise Cuts 14% of Staff as Crypto Downturn Deepens

Bitwise, an asset manager focused on cryptocurrencies, has joined a growing list of digital-asset firms cutting costs as weaker token markets pressure revenue and investor demand. The move matters because asset managers are exposed not only to cryptocurrency prices but also to shifts in trading activity and fund inflows, making staffing decisions a gauge of confidence across the broader sector.

Chief Executive Officer Hunter Horsley said last week that Bitwise had reduced its global workforce by about 14%, leaving the company with approximately 155 employees. The cuts came as layoffs spread across the crypto industry during the market downturn, underscoring pressure on firms to align expenses with softer business conditions. Bitwise did not disclose the savings, the exact date of the cuts or the roles affected.