Bitwise Cuts 14% of Its Workforce While CEO Predicts Future Growth

Bitwise Asset Management now employs around 155 people after cutting about 14% of its workforce amid a crypto market downturn.

The reduction takes the San Francisco firm down from a headcount of nearly 180.  

Bitwise Trims Workforce to 155 as Crypto Market Weakens

According to Bloomberg, Chief Executive Hunter Horsley said that even after the cuts, the workforce remains at a high level for Bitwise’s eight years in business.

Horsley framed the move around future growth rather than retreat. He said Bitwise expects expansion to continue as crypto becomes more woven into the global economy.

That optimism echoes recent comments from Bitwise Chief Investment Officer Matt Hougan. He argued that Bitcoin’s (BTC) muted response to bad news may signal the bear market is near its floor.

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A Year of Crypto Job Cuts

The reductions fit a pattern that ran through the industry across 2026. Firms trimmed staff as market conditions weakened, and many even leaned harder into artificial intelligence (AI).

Coinbase cut about 700 jobs, roughly 14% of its staff, in May, with CEO Brian Armstrong citing the market and AI as factors. Gemini reduced headcount by about 30% earlier this year.

The list runs quite long. Bitcoin miner MARA cut 15% of staff in April. The Algorand Foundation and the Optimism team both trimmed their teams in March, while Crypto.com cut about 12% of its staff.

Data platform Dune cut 25% of workers, and Polygon Labs ran a second round of cuts in July. Robinhood also reduced its workforce by 10% in June.

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