Bitwise Asset Management has laid off 14% of its global staff, leaving the firm with a workforce of 155, down from about 180 employees before the layoffs.

 

While the firm did not explicitly state the reason for the layoffs, the move comes at a time when companies continue to navigate a severe downturn in the crypto market.

 

Responding to news outlets, Bitwise Chief Executive Officer Hunter Horsley said the adjustment equips the firm for the ongoing growth it has experienced this year. He added that he expects the growth to continue as crypto becomes further integrated into the global economy.

 

Bitwise’s recent layoffs come at a time when several other crypto-focused companies have also had to trim their workforces, with some citing the ongoing crypto market downturn as the reason, while others have reduced their staff as part of a strategic pivot toward artificial intelligence.

 

According to a report tracking layoffs in the crypto industry, more than 5,000 jobs have reportedly been lost in layoffs across several crypto companies, notable among them Robinhood, Crypto.com, Dune, Algorand, and Block.

 

About Bitwise 

 

Bitwise is a leading crypto-focused asset management firm that provides investors, financial advisers, and institutions with exposure to digital assets through a diverse range of investment products, including exchange-traded funds (ETFs), index funds, and private funds.

 

Despite the widespread downturn in the crypto market this year, Bitwise has achieved a number of notable milestones, including the acquisition of Chorus One, an institutional staking provider, for $2.2 billion, as well as the launch of the spot Hyperliquid ETF and Avalanche ETP.