Bitwise Asset Management has laid off 14% of its workforce. According to the company’s CEO, Hunter Horsley, this leaves around 155 employees remaining.
The decision comes in response to a prolonged market downturn, with the net assets of Bitwise's flagship fund, the Bitwise 10 Crypto Index (BITW), having declined by 31% since the start of 2026.
Despite the layoffs, the firm is still looking to grow. In February, Bitwise acquired staking provider Chorus One. Horsley stated that the workforce optimization will enable the company to expand as cryptocurrencies become more integrated into the global economy.
Other major firms have also announced layoffs, including Polygon Labs, BitGo, and the exchange Coinbase. These companies attribute their decisions to market stagnation and a shift towards AI utilization.
Bitwise's Chief Investment Officer, Matt Hougan, remains optimistic, asserting that Bitcoin has shown resilience against negative news and that the market has already hit its bottom. Hougan predicts that asset management platforms will drive future growth.
In related news, Robinhood laid off 10% of its staff in June, with CEO Vlad Tenev citing the need to simplify management structures as the reason for the cuts.