The digital asset manager laid off 25 employees as part of broader industry cuts but maintains growth expectations.
Bitwise, a San Francisco-based digital asset manager, has reduced its workforce by 14%, cutting approximately 25 jobs. The company now employs 155 people, down from 180, citing a crypto market downturn as a key factor in the decision.
The move follows similar layoffs across the crypto sector, including reductions at Robinhood, Polygon, and Coinbase. Since January, the Bitwise 10 Crypto Index Fund (BITW), which tracks the top 10 cryptocurrencies including BTC and ETH, has declined over 30%.
Despite the cuts, Bitwise CEO Hunter Horsley stated the company still expects growth as crypto integrates further into the global economy. Bitwise recently acquired Chorus One to expand its staking services.