Crypto asset management firm Bitwise has reduced its global workforce by 14%, leaving it with roughly 155 employees as the prolonged market slowdown continues to pressure the sector.
Chief Executive Hunter Horsley confirmed the restructuring, noting that the cuts were completed last week. He described the move as a step that would allow Bitwise to remain focused on expansion as digital assets become more integrated into the wider financial system.
The staff reduction comes as Bitwise continues developing investment and staking operations despite difficult market conditions. Some of its products have experienced declines in assets. The Bitwise 10 Crypto Index Fund, known by its ticker BITW, saw net assets fall 31% during the last seven months.
BITW invests across a group of leading cryptos, making its shrinking asset base an indication of the pressure facing products linked closely to digital-asset prices.
At the same time, Bitwise has continued introducing new offerings. Its Hyperliquid ETF attracted roughly $19 million in net inflows on one day in May, setting a company record at the time. Trading volume reached approximately $22 million during the session.
Bitwise also reported strong demand for its XRP-related ETFs. Horsley stated in June that offerings available in Europe and the U.S. had attracted more than $200 million in net inflows since January.
The company has expanded beyond traditional fund management as well. In February, Bitwise finalized its acquisition of institutional staking provider Chorus One, strengthening its presence in a segment serving professional crypto investors.
Several other major crypto companies have announced layoffs in 2026 as weaker markets and increased adoption of artificial intelligence reshape their operations.
BitGo cut about 15% of its workforce in June, while Coinbase announced a roughly 14% reduction in May. Kraken reportedly eliminated about 150 roles during the same month, and Dune Analytics reduced staffing by 25%. Polygon Labs also announced further cuts in July as it reorganized around payments and worked toward completing its Coinme acquisition.
Despite the restructuring, Bitwise remains optimistic about the longer-term outlook. CIO Matt Hougan recently stated that Bitcoin’s resilience amid negative developments could indicate that the current downturn has already reached its low point.
Hougan also identified major wealth management platforms as a potential driver of the next crypto market upswing, suggesting broader institutional access could become an important source of demand once market conditions improve.
Analysts will be watching how other blockchain firms like Riot Blockchain Inc. (NASDAQ: RIOT) navigate the challenges presented by this extended slump in the value of leading digital assets.
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