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Bitwise Asset Management has cut 14% of its global workforce as weaker crypto markets continue to pressure companies across the digital asset industry. CEO Hunter Horsley said the reductions were completed last week and left the crypto asset manager with around 155 employees.
The cuts come during a weaker period for digital asset markets. The Bitwise 10 Crypto Index Fund, or BITW, saw its net assets decline 31% during the first seven months of 2026, according to data cited by The Block.
Bitwise Reduces Global Team to 155
Bitwise has not publicly detailed which departments or individual roles were affected by the reduction. The company also has not linked the layoffs to artificial intelligence or identified a specific cost-saving target.
Despite the smaller workforce, Horsley said Bitwise expects its business to continue expanding. He said:
“The adjustment equips us well for the ongoing growth we’ve seen this year and expect to continue as crypto further integrates into the global economy.”
Bitwise Continues Expanding Its Crypto Business
The workforce reduction follows a period of expansion for Bitwise. In February, the company completed its acquisition of institutional staking provider Chorus One, adding 50 technology professionals and expanding its staking capabilities across more than 30 proof-of-stake networks.
Bitwise has also continued operating and launching crypto investment products despite weaker market conditions. The company said in May that it would close two ETFs, while its current lineup includes more than 70 products across ETFs, private funds, separately managed accounts and staking services.
Crypto Companies Continue Cutting Jobs
Bitwise is the latest crypto company to reduce headcount during 2026. BitGo cut about 15% of its staff in June, while Coinbase announced a 14% reduction, or roughly 700 jobs, in May as it responded to market volatility and increased its use of AI.
Polygon Labs also announced another round of layoffs in July as it reorganized around payments. The reductions show that several crypto companies are adjusting staffing in 2026 for different reasons, including weaker market activity, restructuring and increased use of automation.
