Bitwise Asset Management has cut about 14% of its workforce, reducing headcount to roughly 155 from around 180 as the crypto-focused manager contends with a sharp retreat in assets.
Bloomberg reported that Bitwise confirmed the reduction in an emailed statement. The reported totals amount to roughly 25 positions. Bloomberg's report did not specify which functions were affected.
The cuts reverse part of a rapid hiring cycle. In August 2025, Bitwise said it had 108 employees and more than 40 investment products. Its workforce had climbed to around 180 before the latest reduction.
Bitwise now lists $9 billion in client assets across more than 70 products, down from the more than $15 billion it announced nearly a year earlier. The comparison shows that the firm's product lineup and headcount expanded after August 2025 even as its asset base later contracted.
BITW Assets Nearly Halve
The decline is also visible in the Bitwise 10 Crypto Index ETF. The fund ended June with $532.8 million in net assets, down from $1.03 billion at the end of 2025, according to a Form 10-Q filed with the U.S. Securities and Exchange Commission.
Shares outstanding fell to 14.14 million from 17.45 million over the same period, while net asset value per share dropped to $37.67 from $59.01. Bitcoin represented 77.8% of the fund's holdings at quarter-end.
BITW has since recovered some ground. Bitwise's fund page listed $576.5 million in net assets as of Aug. 10, with Bitcoin accounting for 77.48% of the portfolio.
The staff reduction comes as Bitwise's investment leadership argues the market may be stabilizing. Chief Investment Officer Matt Hougan said in an Aug. 11 Bloomberg interview that crypto may be at the bottom of its current winter. Even after BITW's rebound through Aug. 10, however, the fund remained well below its $1.03 billion year-end asset level.