Bitwise Asset Management Reduces Workforce by 14%

Bitwise Asset Management, the US-based crypto index fund manager, has trimmed its headcount by approximately 14%. According to Bloomberg, the move makes it one of the most recent digital asset firms to adjust staffing levels amid a prolonged market downturn.

The precise number of affected employees wasn't disclosed. Bitwise specializes in index funds and exchange-traded products tied to cryptocurrencies, a sector that has seen sharp declines in investor interest and asset values over the past year. The job reductions appear to be part of a broader cost-cutting drive across the industry.

The layoffs come at a time when many crypto companies are rationalizing operations to weather the current environment. Bitwise has been active in seeking approval from US regulators for spot bitcoin ETF products, but market headwinds have likely forced a reassessment of its workforce needs. No official statement has been released beyond the reported cuts.

This reduction highlights the continuing strain on digital asset managers. Many firms are prioritizing financial discipline and operational efficiency to align with lower revenues. For Bitwise, the decision aims to preserve resources for future opportunities once the market stabilizes, indicating a defensive posture common among crypto firms this cycle.