Bitwise cuts staff despite assets reaching $12B

• Bitwise cut staff after a slowdown in crypto markets despite managing more than $12 billion in assets.
• The company said the cuts affected a small number of employees across several teams.
• Bitwise said it is continuing to invest in products, research, and long-term growth.

Bitwise Asset Management cut a small number of staff after a slowdown in crypto markets, despite managing more than US$12 billion in assets.

The company said the cuts affected a limited number of employees across several teams as it adjusted its operations.

Bitwise said the decision reflected changing market conditions and a focus on operating more efficiently.

The company said it remains focused on expanding its investment products and serving institutional and retail clients.

Bitwise has grown rapidly in recent years and has expanded its cryptocurrency investment offerings, including exchange-traded fund products.

The company said it will continue investing in research and product development despite the workforce reductions.