The asset manager cuts 25 jobs as Bitcoin falls near 50% from its 2025 peak, citing industry consolidation.
Bitwise Asset Management has laid off approximately 14% of its workforce, reducing headcount from 180 to 155 employees. The firm confirmed the cuts as part of broader cost adjustments in response to a prolonged crypto market slump.
The company manages $9 billion in assets across 70 products, including a $2.3 billion spot Bitcoin ETF. Despite the reductions, CEO Hunter Horsley stated the remaining team is the largest in the firm’s eight-year history and expects future growth. Bitcoin has declined to around $64,000, nearly half its October 2025 record.
U.S. spot Bitcoin ETFs now hold $77.5 billion in net assets, with BlackRock’s IBIT and Fidelity’s FBTC dominating the market. Bitwise’s fund accounts for under 3% of the total.