Bitwise cuts 14% workforce amid crypto downturn

Bitwise Asset Management reduced its global workforce by approximately 14%, bringing its headcount to around 155 employees, as the crypto market downturn continued into mid-2026. CEO Hunter Horsley confirmed the layoffs, which were completed last week, and framed the move as positioning the company for future growth as crypto integrates further into the global economy. The reduction follows a period of expansion, including the acquisition of institutional staking provider Chorus One in February and the launch of new products such as the Hyperliquid ETF on the New York Stock Exchange. However, the firm's key product, the Bitwise 10 Crypto Index Fund (BITW), saw its net assets decline 31% in the first seven months of 2026. Bitwise's layoffs are part of a broader trend of crypto companies cutting staff in 2026, including Coinbase, BitGo, Kraken, Polygon Labs, and others, often citing market conditions and increased use of AI. Despite the downturn, Bitwise CIO Matt Hougan expressed optimism, suggesting that Bitcoin's resilience to negative news may indicate the bear market is near its bottom.