Bitwise Asset Management has reduced its workforce by approximately 14%, lowering its headcount from around 180 employees to 155. The firm confirmed the reduction on August 12, 2026, citing the ongoing downturn in the cryptocurrency market and shifting behavior among retail investors.
This move follows similar staffing cuts at major industry players, including Coinbase and FalconX, as well as the shutdowns of exchanges like BitMEX and BitMart. Despite the reductions, Bitwise CEO Hunter Horsley stated that the remaining team is still the largest in the company’s eight-year history, even as Bitcoin prices remain significantly below their October 2025 record highs.
Key facts
- Bitwise cut roughly 14% of its staff, reducing headcount from ~180 to ~155 employees.
- The firm manages approximately $9 billion in assets across more than 70 products, including a $2.3 billion spot Bitcoin ETF.
- Bitcoin is trading near $64,187, which is close to half of its record high from October 2025.
- The layoffs coincide with recent reductions at Coinbase (14% in May) and FalconX (10% in August).
- Exchanges BitMEX and BitMart have also announced closures or wind-downs during this period.
Why it matters
The reduction in force at Bitwise highlights how the prolonged crypto market slump is affecting even established asset managers and ETF issuers. As Bitcoin prices remain depressed compared to their recent peaks, companies are adjusting their operational costs to align with lower revenue expectations and changing investor demand. This trend suggests a broader consolidation phase within the industry as firms prioritize efficiency during the downturn.