Bitwise cuts 14% of staff while still expecting growth
Crypto companies from including Coinbase, BitGo, Robinhood, Polygon and Pump.fun have announced workforce reductions this year, citing a variety of reasons, including shifting to AI and market forces.
Digital asset firm Bitwise announced in June that it had reduced its workforce by 14%, down from approximately 180 employees to 155. The San Francisco-based company cited a crypto market downturn as the reason behind its decision, confirming to Cointelegraph that around 25 staff members were laid off. Despite the reduction in headcount, Bitwise's chief executive Hunter Horsley remains optimistic about the company's future, stating that the crypto industry is set to further integrate into the global economy.
The company recently acquired Chorus One, a move expected to bolster its staking services. In 2026, other crypto companies such as Coinbase, Polygon, and Pump.fun also announced workforce reductions, citing various factors including shifting to AI and market forces. BitGo's co-founder and CEO Mike Belshe recently announced a one-time action to cut 15% of staff to focus on AI and stablecoins, while Coinbase similarly reduced 14% of its workforce in May, citing an AI strategy shift.
Since January, shares of Bitwise's 10 Crypto Index Fund (BITW), which tracks the 10 largest cryptocurrencies by market capitalization, have fallen by over 30%.
Written by urgent.news from Cointelegraph's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
