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08/13/2026

Bitwise Cuts 14% of Staff as Crypto Slump Hits ETF Issuers

What happened: Bitwise Asset Management reduced its workforce by 14%, cutting about 25 roles and bringing headcount to 155.

Bitwise Cuts 14% of Staff as Crypto Slump Hits ETF Issuers

What happened: Bitwise Asset Management reduced its workforce by 14%, cutting about 25 roles and bringing headcount to 155. The move, the largest in the firm's history, comes as Bitwise's flagship crypto index fund saw net assets fall 31% in 2026. The firm manages $9 billion across 70+ products, with its spot BTC ETF holding $2.3 billion—less than 3% of the US market.

Why it matters: The layoffs reflect persistent pressure on crypto asset managers amid declining fund inflows and shrinking AUM. Bitwise's cut matches Coinbase's 14% reduction in May and follows similar moves by FalconX, Dune, and Polygon, as well as shutdowns at BitMEX and BitMart. The trend suggests ETF issuers are not immune to the broader crypto downturn, despite product proliferation.

Source: Decrypt