Bitwise cuts 14% of staff while still expecting growth
Bitwise laid off about 25 employees, cutting staff by 14% from 180 to 155, amid the crypto market downturn. CEO Hunter Horsley says the firm still expects growth, citing Chorus One acquisition. The move follows similar cuts at Coinbase, BitGo, and others.
Quick Take
Bitwise reduced staff 14%, from 180 to 155, amid crypto downturn.
CEO Hunter Horsley still expects growth, pointing to Chorus One acquisition.
Cuts follow similar moves at Robinhood, Polygon, Pump.fun, Coinbase, BitGo.
BITW fund shares down over 30% since January.
Market Impact Analysis
NeutralCorporate staff reduction at an asset manager has minimal direct effect on crypto prices; no protocol or market structural change.
Speculation Analysis
Key Takeaways
- Bitwise cuts 14% of staff — headcount drops from 180 to 155 amid crypto downturn.
- CEO Hunter Horsley expects growth — points to Chorus One acquisition and global integration.
- Industry-wide job losses mount — Robinhood, Polygon, Pump.fun, BitGo, Coinbase also trimmed.
- BITW fund down 30%+ — shares slide since January, reflecting market pressure.
What Happened
Bitwise, the San Francisco-based digital asset manager, cut 14% of its workforce on Wednesday. About 25 employees were laid off, reducing total headcount from 180 to 155. The company confirmed the move to Cointelegraph, citing the crypto market downturn. CEO Hunter Horsley said the firm still expects growth as crypto integrates further into the global economy. The layoffs come despite the company's recent expansion through its acquisition of Chorus One, a staking services provider.
The Numbers
Bitwise reduced staff by 14%, trimming about 25 roles. That brings headcount to 155 from 180. The Bitwise 10 Crypto Index Fund (BITW) has dropped more than 30% since January. The fund tracks the 10 largest cryptocurrencies by market cap, including Bitcoin and Ether. Industry comparisons: Coinbase also cut 14% of staff in May, and BitGo cut 15% in June.
Why It Happened
The crypto market downturn has forced asset managers to control costs. Bitwise's layoffs follow a pattern of industry-wide retrenchment. With BITW shares down sharply, revenue pressure likely increased. The Chorus One acquisition may have provided a strategic pivot, but near-term cost cuts were needed. Broader macroeconomic uncertainty and reduced trading volumes have squeezed crypto firms across the board.
Broader Impact
Bitwise is not alone. Robinhood, Polygon, Pump.fun, BitGo, and Coinbase have all announced staff reductions in 2026. Some firms cited AI strategy shifts; others pointed to market conditions. The wave of layoffs signals an industry maturing and controlling burn rates. For Bitwise, the Chorus One deal positions it to grow staking revenue, but integration will take time.
What to Watch Next
- BITW fund performance — track whether shares stabilize or continue to decline.
- Chorus One integration — monitor how staking services expand and contribute to revenue.
- Further industry cuts — watch if other asset managers follow Bitwise's lead.
This article is for informational purposes only and does not constitute financial advice.
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