Bitwise Cuts 14% of Staff Amid Crypto Market Downturn
Digital asset manager Bitwise reduces staff from 180 to 155 people amidst broader crypto industry layoffs.
Quick Look
Digital asset manager Bitwise has laid off about 14% of its workforce, reducing staff from roughly 180 to 155 employees amid a broader crypto market downturn affecting firms like Robinhood and Coinbase.
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Why It Matters
Bitwise cut 14% of its staff from 180 to 155 amid a crypto market downturn, following similar cuts across the crypto industry.
Digital asset manager Bitwise has cut 14% of its staff in a move that reduced workers at the San Francisco-headquartered company from about 180 to 155 people.
A Bitwise spokesperson confirmed to Cointelegraph on Wednesday that it had laid off about 25 people amid a crypto market downturn. The company is the latest in the crypto industry to announce staff cuts in 2026, following similar moves by Robinhood, Polygon, Pump.fun and others.
Bloomberg earlier reported that Bitwise chief executive Hunter Horsley said that the company still expects growth as crypto “further integrates into the global economy.” The company acquired Chorus One in February in a move expected to expand its staking services.
The reasons behind digital asset industry job cuts this year have varied. BitGo co-founder CEO Mike Belshe announced a “one-time action” in June, as the company cut 15% of staff to focus on AI and stablecoins. Also citing an AI strategy shift in May, Coinbase said it planned to reduce 14% of its workforce.
Since January, shares of the Bitwise 10 Crypto Index Fund (BITW) had fallen by more than 30%. The fund tracks the 10 largest cryptocurrencies by market capitalization, including Bitcoin (BTC) and Ether (ETH).
Open Questions
- Which specific departments were most affected by the layoffs?
- Will Bitwise pursue further staff reductions if market conditions persist?
