Bitwise Cuts 14% of Staff as Crypto Slump Reaches ETF Issuers
Bitwise Asset Management cut about 14% of its staff, reducing headcount to roughly 155 from 180. CEO Hunter Horsley said the company is still at its largest size ever and expects long-term growth as crypto becomes more integrated into the broader economy. Bitwise manages about $9 billion across more than 70 products, including Bitcoin ETFs, separate accounts, private funds, hedge fund strategies and staking. The layoffs come amid a broader crypto industry contraction and a market slump. U.S. spot Bitcoin ETFs have become highly concentrated, with BlackRock’s IBIT and Fidelity’s FBTC dominating assets, while Bitwise’s fund holds about $2.3 billion. Other firms have also cut staff or shut down, including Coinbase, FalconX, BitMEX and BitMart. At the same time, retail trading interest appears to be shifting toward prediction markets and AI-related stocks. Despite the cuts, Bitwise executives remain bullish on crypto and argue ETF-based Bitcoin exposure is more attractive after recent self-custody wallet exploits.
