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Bitwise cuts 14% of staff as client assets fall to $9 billion
Bitwise’s flagship BITW index ETF ended June with $532.8 million in net assets, down from $1.03 billion at year-end, alongside lower shares outstanding and NAV per share.
Bitwise Asset Management has reduced its workforce by about 14%, bringing headcount to roughly 155 from around 180, as the crypto-focused asset manager navigates a sharp retreat in assets, according to The Defiant citing reporting from Bloomberg. Bitwise confirmed the staff reduction in an emailed statement, and the reported total cuts amounted to about 25 positions, though the outlet said it did not specify which functions were affected.
The firm now lists about $9 billion in client assets across more than 70 products, down from more than $15 billion it announced nearly a year earlier, a comparison that highlights expansion in staff and product lineup after August 2025 followed by a later contraction in its asset base. The Defiant notes that the decline is also visible in Bitwise’s Bitwise 10 Crypto Index ETF, BITW.
BITW ended June with $532.8 million in net assets, down from $1.03 billion at the end of 2025, based on a Form 10-Q filed with the U.S. Securities and Exchange Commission. Shares outstanding fell to 14.14 million from 17.45 million, and net asset value per share dropped to $37.67 from $59.01, with Bitcoin representing 77.8% of the fund’s holdings at quarter-end.
The Defiant also reports that BITW has partially recovered since then, with the fund page listing $576.5 million in net assets as of Aug. 10 and Bitcoin accounting for 77.48% of the portfolio. In an Aug. 11 Bloomberg interview, Bitwise Chief Investment Officer Matt Hougan said he views crypto as potentially at the bottom of its current winter, though the ETF remained far below its $1.03 billion year-end level.
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