Bitwise Asset Management announced a 14% reduction in its staff, affecting approximately 25 people. Bloomberg reports this citing the firm's CEO, Hunter Horsley.
As a result of this wave of layoffs, the company's headcount has decreased from 180 to 155 employees. Horsley did not specify which departments were affected.
Despite the staff reductions, Bitwise's leadership remains confident in the future growth of the crypto market. According to Horsley, the layoffs "position the company well" for this growth.
The key driver for market growth, in the CEO's view, will be the increasingly deep integration of crypto assets into the global economy.
Bitwise Asset Management is a major provider of exchange-traded products (ETPs). According to its official website, the company manages approximately 70 ETFs with total assets under management of around $9 billion.
This includes several funds based on crypto assets. For example, the company's spot Bitcoin ETF, BITB, holds assets of $2.3 billion, according to SoSoValue.
Amid the downturn in the crypto market, consolidation continues. Many projects have been shut down, while others are optimizing costs. Notably, this trend has also affected larger industry players, as shown by the example of Bitwise.
For instance, Hashdex closed its Bitcoin-based exchange-traded fund. Grayscale Investments, in turn, withdrew several applications for new products.
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