Bitwise Asset Management has reduced its workforce by 14%, cutting its global team from nearly 180 to approximately 155 employees in August 2026. CEO Hunter Horsley framed the decision as a strategic adjustment for future growth amid a broader cryptocurrency market downturn, which saw the net assets of the Bitwise 10 Crypto Index Fund drop 31% in early 2026. Despite the cuts, Bitwise executives remain optimistic, with CIO Matt Hougan suggesting the bear market has bottomed out.
Bitwise workforce reduction
- ▪Bitwise Asset Management Chief Executive Hunter Horsley stated in August 2026 that even after the cuts, the firm's workforce remains at a high level for its eight years in business.
- ▪Bitwise Asset Management Chief Executive Hunter Horsley stated in August 2026 that the workforce reduction equips the firm for ongoing growth as cryptocurrency further integrates into the global economy.
- ▪Bitwise Asset Management cut approximately 14% of its workforce in August 2026, reducing its global team to around 155 employees from nearly 180.
- ▪Bitwise Asset Management completed its acquisition of institutional staking provider Chorus One in February 2026 to expand its staking operations.
Crypto market downturn impact
- ▪The workforce reduction at Bitwise Asset Management occurred amid a prolonged downturn in the cryptocurrency market in August 2026.
- ▪Bitwise Asset Management's key product, the Bitwise 10 Crypto Index Fund (BITW), saw its net assets drop by 31% in the first seven months of 2026.
Industry-wide 2026 layoffs
- ▪Polygon Labs announced its second round of layoffs in July 2026 as it worked to complete its acquisition of Coinme and shift toward a payments-focused business.
- ▪BitGo reduced its staff by 15% in June 2026, citing changes in the cryptocurrency ecosystem.
- ▪Gemini reduced its headcount by about 30% earlier in 2026 as losses widened.
- ▪Coinbase reduced its workforce by approximately 14%, or about 700 jobs, in May 2026, citing market conditions and a shift toward artificial intelligence.
Bitcoin bear market outlook
- ▪Bitwise Asset Management Chief Investment Officer Matt Hougan predicted in August 2026 that large wealth management platforms will act as a quiet catalyst in the upcoming bull market.
- ▪Bitwise Asset Management Chief Investment Officer Matt Hougan stated in August 2026 that Bitcoin's resilience against negative news suggests the bear market may have bottomed out.
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