Bitwise Asset Management has cut about 14% of its workforce, reducing headcount to roughly 155 from around 180. The move comes as client assets fell to $9 billion, a sharp retreat that pressured the firm's bottom line. The company confirmed the reduction in an emailed statement, as reported by Bloomberg.
Why the workforce shrank
The staff reduction follows a steep decline in assets under management. Bitwise's client assets dropped to $9 billion, a figure that likely squeezed revenue and forced the firm to tighten its cost base. The company did not specify the exact timeline of the asset decline, but the cut suggests the firm is responding to a tougher market environment.
The numbers behind the cut
Bitwise now employs roughly 155 people, down from about 180. That's a reduction of approximately 25 positions, or 14% of the total workforce. The firm's statement did not break down which departments were affected or whether any senior executives were let go.
What the company said
Bitwise confirmed the reduction in an emailed statement, as reported by Bloomberg. The statement did not elaborate on future hiring plans or whether further cuts are possible. The company has not announced any changes to its product lineup or investment strategies.
The reduction brings Bitwise's headcount to its lowest level in recent memory, though the firm has not commented on whether more changes are on the way.
