Bitwise Cuts 14% of Staff as Crypto Asset Manager's Client Assets Fall to $9 Billion
Bitwise has cut 14% of its staff, trimming its global headcount to about 155 from 180, CEO Hunter Horsley told The Block.
The cuts come as the crypto asset manager’s client assets fell to $9 billion, according to The Defiant. The firm’s BITW index fund ended June with $532.8 million in net assets, down from $1.03 billion at the end of the previous year, The Defiant reported.
The 14% reduction matches the percentage of staff Coinbase cut in May, according to Decrypt, which also noted the move follows shutdowns at BitMEX and BitMart.
Bitwise joins a wider list of crypto companies announcing layoffs this year, including Coinbase, BitGo, Robinhood, Polygon and Pump.fun, according to Cointelegraph, which said firms have cited reasons ranging from a shift toward AI to broader market forces. Despite the cuts, Cointelegraph reported that Bitwise still expects growth ahead.
Sources: The Block, Decrypt, The Defiant, Cointelegraph
This article is for information only and is not financial advice.
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