Bitwise cuts 14% of staff as crypto layoffs mount during market downturn

What happened

Bitwise cut about 14% of its global workforce, reducing staff to roughly 155 employees, according to CEO Hunter Horsley.

Confirmed

Global impact / market context

The layoffs show crypto‑focused firms are feeling pressure from falling crypto prices, which can shrink assets under management and reduce revenue, forcing cost cuts to stay financially stable.

Analyst inference

The crypto market has been in a downturn, with lower token prices and reduced investor inflows, prompting many asset managers and exchanges to tighten budgets and reduce staff.

Analyst inference

What to watch

1. Whether Bitwise will further reduce staff or freeze hiring, indicating the depth of cost‑saving measures needed to preserve cash flow. Analyst inference
2. Changes in assets under management at crypto asset managers, which signal how investor demand is evolving during the market slump. Analyst inference
3. Regulatory developments that could affect crypto fund operations, potentially altering compliance costs and influencing future staffing decisions. Analyst inference

Evidence

• theblock.co