Bitwise Asset Management cut its workforce by approximately 14%, reducing headcount from around 180 to 155 employees, representing about 25 positions eliminated. The firm now manages $9 billion in client assets, down from more than $15 billion nearly a year ago, while its product lineup expanded to over 70 offerings. The Bitwise 10 Crypto Index ETF (BITW) saw assets drop to $532.8 million by the end of June, from $1.03 billion at the start of the year, before recovering slightly to $576.5 million by August. Chief Investment Officer Matt Hougan said the crypto market may be at the bottom of its current winter.
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