Bitwise Asset Management has reduced its workforce by approximately 14%, lowering headcount from roughly 180 to about 155 employees, the San Francisco-based firm confirmed to Bloomberg.

CEO Hunter Horsley framed the layoffs against a longer trajectory, telling the outlet that even after the reductions, the remaining workforce is still the largest in the company's eight-year history. He said he expects growth to continue as cryptocurrency becomes further integrated into the broader economy.

According to its website, Bitwise manages approximately $9 billion in client assets across more than 70 investment products, including Bitcoin and other ETFs, separately managed accounts, private funds, hedge fund strategies, and staking offerings. The firm was among the eleven issuers that launched U.S. spot Bitcoin ETFs in January 2024 after SEC approval, a milestone that had fueled hiring across the crypto asset management sector.

集中が進むETF市場

人員削減は、ビットコインETFの分野で集中が急速に進む中で行われました。U.S. spot Bitcoin ETFsは現在、SoSoValueによると、約775億ドルの純資産を保有しています。そのうちBlackRockのIBITが約473億ドル、FidelityのFBTCがさらに109億ドルを占めています。Bitwiseのファンドは約23億ドルで、全体の3%未満です。ETF収益は運用資産残高に連動するため、最上位発行体とBitwiseのような小規模競合との格差は、そのままコスト負担の偏りにつながります。資産価格が下落する局面では、この構造的な圧力はさらに強まります。

Bitcoin has fallen close to 50% from the record it set in October 2025, trading around $64,000 in a slump that has now persisted for approximately 10 months.

業界全体の縮小

Bitwise joins a growing roster of crypto firms trimming staff. Coinbase reduced its workforce by 14% in May, with CEO Brian Armstrong citing both market conditions and the pace at which AI has transformed how the company operates. Prime broker FalconX cut about 10% of its staff at the beginning of August, letting go of roughly half its Singapore office and withdrawing a license application in the city-state to focus on derivatives.

Two exchanges have gone further, shutting down entirely. BitMEX, which invented the perpetual swap in 2016, announced last month it will close on September 23 after more than 11 years of operation. BitMart followed days later, winding down a nine-year-old platform and sending its token lower.

個人投資家の資金は別分野へ

かつて暗号資産市場を押し上げた個人投資家は、スポーツベッティング・プラットフォームやAI関連株へと資金を移しつつあります。CoinGecko's second-quarter report found that notional volume on prediction markets rose 48.7% to a record $113.8 billion over the three-month period. Over the same timeframe, spot volume across the ten largest centralized exchanges fell 27.9% to $1.95 trillion, and total crypto market capitalization declined 12.6%.

Barclays analysts have described prediction markets as "retail's shiny new toy." A Wintermute report drawing on JPMorgan data found speculative capital rotating steadily into equities since late 2024.

Bitwise幹部はなお強気

Despite the layoffs, Bitwise executives maintain an optimistic outlook. Chief Investment Officer Matt Hougan told Bloomberg Television this week that the market may be at the bottom of its crypto winter. He also argued that the Coldcard exploit, which has drained more than $100 million from self-custody wallets, strengthens the case for holding Bitcoin through an ETF rather than self-custody. Whether ETF inflows — a key demand-side metric tracked since the January 2024 launches — recover in the coming months will be one signal of whether that call is well-founded.