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Bitwise Asset Management cut 14% of its workforce as a prolonged downturn in the cryptocurrency market weighs on the industry.
Bloomberg reported on August 11 that the San Francisco-based firm reduced its headcount to about 155 from roughly 180. Even after the layoffs, the company still has its largest workforce in its eight-year history, Chief Executive Officer Hunter Horsley said. He added that growth will continue as crypto becomes more deeply integrated into the global economy.
Bitwise manages more than 70 crypto products, including a $2.3 billion Bitcoin exchange-traded fund. Its total assets under management are about $9 billion.
The cuts align…
