Bitwise Asset Management cut about 14% of its workforce this week, trimming headcount from nearly 180 to around 155. The move adds to a long list of crypto companies that have reduced staff this year, from Coinbase to Gemini to MARA. CEO Hunter Horsley said the team remains at a high level for the firm's eight years in business, and framed the cut as a step toward future growth.
The size of the cut
Bitwise's reduction is relatively small compared to some peers. The company now employs about 155 people. Horsley said the workforce is still strong for a firm of its age. He expects expansion as crypto becomes more integrated into the global economy.
A wider wave
Bitwise isn't alone. Coinbase cut about 700 jobs, or 14% of staff, in May, with CEO Brian Armstrong citing market conditions and AI. Gemini reduced headcount by about 30% earlier this year. Bitcoin miner MARA cut 15% in April. Algorand Foundation and Optimism trimmed teams in March. Crypto.com cut about 12%. Dune cut 25%. Polygon Labs ran a second round of cuts in July. Robinhood reduced its workforce by 10% in June.
What the CIO says
Bitwise's chief investment officer, Matt Hougan, offered a different take. He argued that Bitcoin's muted response to bad news may signal the bear market is near its floor. That's a note of optimism amid the layoffs.
The layoffs come as crypto firms adjust to a tougher market. Many are cutting costs while positioning for the next cycle. Bitwise's cut is modest, but it's part of a pattern that has touched nearly every corner of the industry.
Horsley said the workforce remains at a high level for the company's eight years, and he expects growth ahead. Bitwise's headcount now stands at about 155, and the firm is betting that a leaner team will be ready when the market turns.
