The asset manager is the latest crypto firm to reduce its workforce, joining companies such as Coinbase, Gemini and FalconX. Bitwise Asset Management has reduced its workforce by about 14% as a prolonged crypto downturn pressures companies across the digital asset industry. The asset manager joins a growing list of crypto companies, including Coinbase, Gemini and FalconX, that have cut headcount, while a number of long-time players in the sector have announced shutdowns or restructurings. Uncertainty surrounding US-Iran tensions has added to the pressure, while retail traders appear increasingly drawn to sports betting and AI-related stocks rather than crypto. US crypto legislation remains stuck in the Senate, while there has been little public movement on the US Strategic Bitcoin Reserve.