Bitwise Reduces Workforce by 14%

Bitwise Asset Management has announced a reduction of 14% in its workforce, leaving approximately 155 employees. This decision is a response to ongoing challenges in the market, with the company's primary fund, the Bitwise 10 Crypto Index (BITW), experiencing a 31% decrease in net assets since the beginning of 2026.

Despite the layoffs, Bitwise is committed to growth. Earlier this year, the company acquired the staking provider Chorus One, and CEO Hunter Horsley indicated that streamlining the workforce will position the firm for expansion as cryptocurrencies become increasingly integrated into the global economy.

The decision to downsize is not isolated; other prominent firms like Polygon Labs, BitGo, and Coinbase have also announced layoffs, linking their actions to market stagnation and a pivot toward artificial intelligence.

Meanwhile, Bitwise's Chief Investment Officer, Matt Hougan, remains hopeful, suggesting that Bitcoin has demonstrated resilience amid negative news and that the market may have reached its lowest point. He believes that asset management platforms will be key to future industry growth.

In a similar vein, Robinhood recently laid off 10% of its workforce, with CEO Vlad Tenev highlighting the need for streamlined management as a reason for the cuts.