Bitwise cuts 14% of staff amid prolonged crypto downturn

Bitwise, a crypto asset manager and issuer of a spot Bitcoin ETF, has cut about 14% of its workforce as the crypto market downturn persists, Bloomberg reported. Headcount fell to about 155 from around 180. Bitwise manages more than 70 products, including a $2.3 billion BTC ETF, with about $9 billion in assets under management. BTC was trading around $64,000, down about 50% from its all-time high in October last year, and the broader crypto market downturn has continued for about 10 months.