Bitwise cuts 14% of workforce six months after acquiring 50 Chorus One engineers

Aug 12, 2026

Bitwise Asset Management cut 14% of its workforce in August 2026, reducing its headcount to 155 just six months after acquiring 50 staking engineers from Chorus One. The layoffs follow a 48% decline in the net assets of the Bitwise 10 Crypto Index Fund during the first half of 2026. Despite the cuts, CEO Hunter Horsley and CIO Matt Hougan express optimism, suggesting Bitcoin has bottomed out and the firm remains positioned for future growth as crypto integrates into the global economy.

Bitwise workforce reduction

▪Bitwise Asset Management reduced its workforce by approximately 14% in August 2026, cutting about 25 jobs to bring its total headcount down to around 155 employees.
▪Bitwise Asset Management CEO Hunter Horsley stated that the workforce reduction equips the firm for ongoing growth as cryptocurrency integrates further into the global economy.

Chorus One acquisition

▪Bitwise Asset Management finalized its acquisition of institutional staking provider Chorus One on February 24, 2026, adding 50 technology professionals and over $2.2 billion in staked assets.
▪The acquisition of Chorus One expanded Bitwise Asset Management's staking operations across more than 30 proof-of-stake networks, including Solana, Avalanche, Sui, and Aptos.

Bitwise Index Fund outflows

▪Bitcoin's weight in the Bitwise 10 Crypto Index Fund rose from 75.11% to 77.81% as of June 30, 2026, representing more than three-quarters of the ten-cryptocurrency basket.
▪The net assets of the Bitwise 10 Crypto Index Fund declined 48.27% from $1.03 billion to $532.8 million in the first half of 2026, with investors redeeming $161.2 million.

Crypto industry layoffs

▪Polygon Labs implemented its second round of staff layoffs of 2026 in July as the company worked to complete its acquisition of Coinme and transition toward payments.
▪Coinbase reduced its workforce by approximately 14% in May 2026, cutting about 700 jobs as part of an AI-first operational shift under CEO Brian Armstrong.

Bitcoin bear market outlook

▪Bitwise Asset Management Chief Investment Officer Matt Hougan stated that Bitcoin has likely reached its bear market floor because its price has stopped responding to negative news.
▪Bitwise Asset Management Chief Investment Officer Matt Hougan predicted that large wealth management platforms will serve as the quiet catalyst for the next cryptocurrency bull market.