Bitwise Cuts 14% of Staff as Crypto Slump Enters 10th Month
Forecast Trend Report by Period
Bitwise Asset Management, a crypto asset manager, has cut 14% of its workforce as a prolonged market downturn weighs on the industry.
Bloomberg reported on August 11 that the San Francisco-based firm reduced headcount to about 155 from roughly 180. Even after the layoffs, the company is still at its largest size in its eight-year history, Chief Executive Officer Hunter Horsley said. He added that growth would continue as crypto becomes more deeply integrated into the global economy.
Bitwise manages more than 70 crypto products, including a Bitcoin exchange-traded fund with $2.3 billion in assets. Total assets under management are about $9 billion.
The layoffs are part of a broader wave of restructuring across the crypto industry. Bitcoin was trading near $64,000, about 50% below the record high it reached in October last year. The downturn has persisted for about 10 months. Coinbase and FalconX have also cut jobs, while exchange BitMEX said it would shut down.
The industry is also facing a new headwind as it looks for a market rebound. Retail investors, once a key source of demand for crypto, are shifting their attention to sports betting sites and artificial intelligence-related stocks, Bloomberg reported.
