San Francisco-based digital asset manager Bitwise has laid off approximately 25 employees, shrinking its workforce from around 180 to 155 people, a reduction of 14%. A company spokesperson confirmed the cuts, citing pressure from a crypto market downturn.
CEO signals long-term optimism despite layoffs
Bitwise chief executive Hunter Horsley said the company still anticipates growth as crypto ‘further integrates into the global economy,’ even as the firm took the difficult step of reducing headcount. Bitwise acquired staking provider Chorus One in February in a move expected to expand its staking services business.
A wave of crypto industry job cuts in 2026
Bitwise is far from alone in trimming staff this year, and the numbers are strikingly consistent.
Coinbase said in May it planned to reduce its workforce by 14%, citing a strategic shift toward artificial intelligence. BitGo co-founder and CEO Mike Belshe described the company’s June decision to cut 15% of staff as a ‘one-time action,’ with the firm pivoting toward AI and stablecoins. Robinhood, Polygon, and Pump.fun have also announced workforce reductions this year.
Two of those three named companies pointed at AI rather than market conditions, which suggests the sector is restructuring around new tooling as much as it is retrenching.
Fund performance reflects wider market pain
The Bitwise 10 Crypto Index Fund, which trades under the ticker BITW and tracks the 10 largest cryptocurrencies by market capitalisation including Bitcoin and Ether, has seen its shares fall by more than 30% since January. That decline underscores the market environment that has pressured the firm’s revenue and headcount decisions.
