Bitwise cuts 14% of staff while still expecting growth
Reported by Cointelegraph · AI-assisted summary by ChikoCorp AI News Desk
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Summary
Bitwise, a digital asset manager based in San Francisco, has cut 14% of its staff, reducing employees from approximately 180 to 155 amid a crypto market downturn. The company confirmed laying off about 25 people in 2026 and joined other crypto firms like Coinbase, Robinhood, Polygon, and Pump.fun in announcing workforce reductions. Despite the cuts, Bitwise CEO Hunter Horsley stated the company still expects growth as crypto further integrates into the global economy.
Why it matters
This development highlights ongoing challenges in the crypto industry as companies adjust to market downturns and shifts in strategy, including the integration of AI and blockchain technologies. Bitwise’s announcement signals how firms are balancing cost-cutting with long-term growth plans, which impacts market confidence and operational dynamics in crypto asset management.
Key context
Several crypto companies have reduced staff in 2026 due to various reasons, including adapting to AI and market conditions. Bitwise acquired Chorus One in February to expand its staking services, indicating a strategic move despite layoffs. Similar layoffs include BitGo cutting 15% of its workforce to focus on AI and stablecoins, and Coinbase reducing 14% amidst an AI strategy shift. The Bitwise 10 Crypto Index Fund has fallen over 30% since January, reflecting broader market challenges.
Key numbers and entities
Bitwise reduced staff by 14%, about 25 people, from 180 to 155. Other firms mentioned with layoffs include Coinbase (14% cuts), BitGo (15%), Robinhood, Polygon, and Pump.fun. The Bitwise 10 Crypto Index Fund (ticker: BITW) tracks the top 10 cryptocurrencies and dropped more than 30% this year. Bitwise CEO is Hunter Horsley. BitGo CEO is Mike Belshe.
What remains unclear
The source does not detail specific departments affected by the layoffs at Bitwise or exact plans on how the company will achieve growth following staff reductions. It does not provide detailed financial data or specific timeline forecasts beyond broad company statements.