Bitwise cuts about 14% of staff as crypto downturn reaches Bitcoin ETF issuers
Bitwise Asset Management has cut roughly 14% of its workforce, reducing headcount from around 180 to about 155, the San Francisco-based firm confirmed to Bloomberg. CEO Hunter Horsley said the reduction should be viewed over a longer timeline, adding that even after the layoffs, Bitwise still has the largest staff in its eight-year history and expects to keep growing as crypto becomes more embedded in the broader economy. The move comes as the U.S. spot Bitcoin ETF market grows more concentrated. According to SoSoValue, the category now holds about $77.5 billion in net assets, with BlackRock’s IBIT at roughly $47.3 billion and Fidelity’s FBTC at $10.9 billion. Bitwise’s fund stands at about $2.3 billion, less than 3% of the total. The cuts also fit into a broader pattern across crypto, where firms including Coinbase and FalconX have recently reduced staff, while BitMEX and BitMart have chosen to wind down operations entirely. Even so, Bitwise executives have continued to make a bullish case for crypto.
