Bitwise Cuts 14% of Staff as Crypto Downturn Persists

BitcoinWorld Bitwise Cuts 14% of Staff as Crypto Downturn Persists Bitwise, a crypto asset manager known for its spot Bitcoin ETF, has reduced its workforce by approximately 14% amid the prolonged downturn in the cryptocurrency market, according to a Bloomberg report.

The company’s headcount now stands at about 155, down from roughly 180. Despite the cuts, Bitwise continues to manage over 70 products, including a $2.3 billion Bitcoin ETF, with total assets under management nearing $9 billion.

Context and Market Conditions The layoffs come as Bitcoin trades around $64,000, approximately 50% below its all-time high from October last year.

The broader crypto market has experienced a downturn lasting about ten months, prompting several firms to reassess their operational costs.