Bitwise Asset Management has cut 14% of its workforce, reducing its global team to about 155 employees as the crypto asset manager operates through a prolonged market downturn.

According to recent media reporting Bitwise CEO Hunter Horsley confirmed the layoffs in an emailed statement, saying the staff reduction was completed last week and leaves the company positioned to continue expanding its business.

Horsley said the adjustment “equips us well for the ongoing growth we’ve seen this year and expect to continue as crypto further integrates into the global economy.”

Bitwise layoffs reduce global team to about 155

The 14% reduction means Bitwise entered August with a smaller workforce even as the company continued building its investment and staking businesses.

Market conditions have put pressure on some of the products managed by the firm. The Bitwise 10 Crypto Index Fund, or BITW, recorded a 31% drop in net assets during the first seven months of 2026, according to data cited by The Block.

BITW provides exposure to a basket of major cryptocurrencies, making the decline in its assets one measure of how the prolonged downturn has affected investment products tied directly to crypto prices.

Bitwise has continued launching and operating products despite the weaker market. In May, the company’s Hyperliquid exchange-traded fund recorded about $19 million in inflows during a single trading day, its largest daily inflow at the time.

Horsley said the fund generated roughly $22 million in trading volume that day, meaning most of the activity came from purchases. As previously reported by crypto.news, the Bitwise Hyperliquid ETF had launched on the New York Stock Exchange on May 15 with a 0.34% sponsor fee, which was waived for the first month on the first $500 million in assets.

Demand has also emerged for some of the company’s other altcoin products. In June, Horsley said Bitwise’s XRP exchange-traded products in the U.S. and Europe had collected more than $200 million in inflows since the beginning of 2026.

The inflows came while Bitwise continued expanding the range of regulated crypto investment products it offers, even as falling digital asset prices weighed on parts of its existing portfolio.

Acquisitions continue despite weaker crypto conditions

Alongside its fund business, Bitwise has used acquisitions to add services for institutional crypto investors.

In February, the asset manager completed its acquisition of Chorus One, an institutional staking provider. The transaction expanded Bitwise’s staking operations at a time when the company was continuing to build services beyond its core crypto investment products.

The workforce reduction therefore follows a period in which Bitwise has been adding businesses and launching investment vehicles while managing the effects of lower crypto prices.

Earlier in February, Horsley disclosed that one Bitwise wealth management client invested $11 million in Bitcoin during a market correction after spending roughly two years in contact with the company without previously buying crypto.

As covered in a February crypto.news report, Horsley said the purchase represented the client’s first crypto investment and argued that some institutional and high-net-worth investors were treating lower prices as an entry opportunity rather than simply reducing their exposure.

Bitwise’s latest staff cuts, however, place the company alongside several other crypto businesses that have reduced headcount during 2026.

Crypto layoffs have continued through 2026

In June, crypto custody and infrastructure company BitGo cut nearly 15% of its workforce as it redirected resources toward security, trading, stablecoins, settlement and artificial intelligence infrastructure.

BitGo CEO Mike Belshe described the reduction as a one-time action and said the company did not expect further cuts. The firm’s 2025 annual report listed 603 full-time employees at the end of that year, meaning a 15% reduction based on that figure would represent roughly 90 positions.

The company continued recruiting for selected positions after the cuts, with 51 roles listed across engineering, compliance, finance, sales, security and other departments. BitGo had also entered the public market in January after pricing its initial public offering at $18 per share and raising about $212.8 million. The June staff reduction came as its shares remained well below the IPO price.

Coinbase made a similar reduction in May, announcing plans to cut about 14% of its workforce while lowering costs during weaker crypto market conditions.

CEO Brian Armstrong linked the decision to both the market cycle and the company’s increased use of artificial intelligence. He said smaller teams were able to complete work faster with AI tools and outlined plans to limit the organization to five management layers below the CEO and chief operating officer.

Coinbase also planned to remove roles focused solely on management and test smaller teams in which employees could work across product, design and engineering functions. Coinbase announced the cuts while continuing to develop new products and expand its use of internal AI systems.

Kraken also reportedly cut around 150 positions in May as the exchange increased its use of AI across its operations. Bloomberg reported that the reductions could affect the timing of Kraken’s planned U.S. public listing, potentially pushing it into 2027.

Dune Analytics reduced its workforce by 25% during the same month, with CEO Fredrik Haga citing AI tools as the main reason for the restructuring while the blockchain data company concentrated resources on its core products.

Polygon Labs followed with another round of layoffs in July while working to complete its acquisition of Coinme and reorganizing its business around payments. The company had already been building a payments operation around Coinme, Sequence and its Open Money Stack after spending more than $250 million on the Coinme and Sequence deals.

Bitwise CIO sees signs of a Bitcoin bottom

While Bitwise has reduced staff, its investment team has remained positive about the direction of the crypto market.

Bitwise Chief Investment Officer Matt Hougan told Bloomberg on Tuesday that Bitcoin’s reaction to recent negative developments could mean the bear market has already reached its bottom.

Hougan pointed to Bitcoin’s ability to hold up despite delays involving the CLARITY Act and Bitcoin sales by Strategy. His view followed a July episode in which Bitcoin recovered after Strategy disclosed the sale of 3,588 BTC for about $216 million.

Horsley responded to that recovery at the time by writing that “Bitcoin wants to be higher.” Bitcoin had briefly fallen before moving back toward the $63,000 area, while Strategy said the sale was used to fund dividends tied to its Digital Credit securities.

Hougan also told Bloomberg that large wealth management platforms could become the “quiet catalyst” for the next crypto bull market, placing institutional distribution among the factors he expects to influence the market after the current downturn.

H100 Group appointed Peter C. Warren as chief investment officer on Aug. 12, placing the veteran markets executive in charge of derivatives and risk management after the Swedish company nearly tripled its Bitcoin treasury through a Norwegian acquisition, according to a release.

Warren previously managed approximately 2,450 BTC with H100 Chief Executive Eirik Grøttum through Moonshot AS and PDI AS. Those businesses entered H100 two days earlier when the company completed its acquisition of NSD AS, bringing 2,455.37 BTC into the group and raising total holdings to 3,506.4 BTC.

Warren will lead H100’s Bitcoin derivatives strategy

The group said Warren will develop its derivatives investments and risk management capabilities, including the active strategy operated through PDI. The company says that strategy is intended to preserve capital, manage downside risk and generate additional cash flow while maintaining exposure to Bitcoin.

Warren has more than 45 years of capital markets experience as a trader, market maker, fund manager and chief investment officer, according to the group. He said the objective is to “manage risk and generate additional cash flow while retaining exposure to Bitcoin’s long-term potential.” That is the company’s stated investment objective rather than a promised return.

Appointment follows H100’s 2,455 BTC acquisition

As previously reported, H100 completed its acquisition of 2,455.37 BTC on Aug. 10 through its purchase of NSD AS, which owns Moonshot and PDI. The transaction raised the company’s treasury to 3,506.4 BTC from roughly 1,051 BTC and brought Warren’s existing investment management work inside the listed group.

The group paid no cash for the acquisition. It issued 790,534,666 new shares to the sellers at SEK 1.86 each, creating roughly 70% dilution based on the share count when the deal closed. The group said basic sats per share were unchanged because the transaction used a Bitcoin for Bitcoin valuation, while fully diluted sats per share increased about 5%.

The transaction was completed at 1.0x mNAV using a July 31 Bitcoin reference price of SEK 598,926.69, or about $62,900. The target had no outstanding financial debt, according to the group. Principal seller Geir Harald Hansen also agreed to a 12 month lockup on his consideration shares, subject to specified exceptions.

The enlarged treasury was worth about $223 million at Bitcoin’s price near $63,637 on Wednesday. The company has built the position rapidly since its first treasury purchase in May 2025. It later raised $54 million for its Bitcoin treasury strategy and cross listed its shares in Frankfurt.

H100 shares had already advanced before Warren’s appointment. S&P Global Market Intelligence data show the stock closed at SEK 1.198 on Aug. 11, up 11.55%, after gaining 11.99% on Aug. 10. Those moves followed the acquisition announcement and preceded Wednesday’s CIO news.

Shareholders will vote on Warren’s board seat August 28

Warren’s executive appointment comes one day after the group called an extraordinary general meeting for Aug. 28. Shareholders representing more than 10% of the company’s shares and votes have proposed electing Warren, Geir Harald Hansen, Donald Ewer and Daniel Nyberg as new directors, while re-electing Sander Andersen as chairman, according to the notice.

The notice says Warren owns 2,472,692 H100 shares, including shares issued through the Aug. 10 transaction. It classifies him as dependent on both company management and major shareholders because he is an H100 employee and sits on the board of majority shareholder Geir Harald Hansen’s family office.

For the meeting, shareholders must be entered in the Euroclear Sweden register by Aug. 20 and notify H100 of participation by Aug. 24. The company also expects the 790.5 million consideration shares from the NSD acquisition to begin trading on NGM Nordic SME as soon as practicable.

The next test for the strategy will be how the company deploys PDI’s derivatives capabilities across its larger treasury. The company has not disclosed specific options positions, target yields or risk limits. Any cash flow or downside protection from the strategy will therefore depend on future execution and market conditions.

The U.S. Commodity Futures Trading Commission (CFTC) has invoked emergency authority to keep prediction market operator Kalshi running, arguing that New York’s efforts to restrain the platform amount to a market emergency. In an order issued Tuesday, the regulator said the federal government must ensure continuity in derivatives markets and prevent a “patchwork” of state rules from disrupting national price discovery.

The move keeps Kalshi operating while a separate legal fight continues over whether federal law—specifically the Commodity Exchange Act—preempts state gambling enforcement when event contracts are traded on federally regulated venues.

Key takeaways

• The CFTC ordered Kalshi to continue operating, citing an emergency created by New York’s request for a temporary restraining order.
• New York argues Kalshi is operating an illegal, unlicensed gambling business tied to sports, elections, culture, and other events, seeking substantial damages.
• The CFTC says the Commodity Exchange Act requires a uniform national derivatives market and gives it exclusive jurisdiction over certain transactions involving swaps on designated contract markets.
• The dispute is ongoing and does not resolve whether federal law preempts New York’s gambling enforcement.
• The CFTC said it is litigating similar jurisdictional questions beyond New York, including cases involving eight other states.

CFTC emergency order keeps Kalshi live

In the order, the CFTC said New York’s enforcement action and the state’s request for a temporary restraining order together triggered what the agency characterized as a market emergency. The regulator directed Kalshi to keep operating under its normal practices and in line with the Commodity Exchange Act’s core principles.

Importantly, the CFTC emphasized continuity in trading. It argued that major disruptions can undermine orderly markets and impede price discovery—especially in derivatives markets meant to function as a cohesive national system.

CFTC Chair Michael Selig said Congress did not intend derivatives exchanges to face a fragmented set of state gaming rules. The commission tied its emergency authority to concerns that a state-by-state approach could destabilize federal derivatives oversight.

New York’s restraining order seeks nationwide operational limits

New York’s request, as described by the CFTC, would bar Kalshi from operating in connection with contracts tied to sports, culture, elections, and other events in or from New York or directed to people in the state. The CFTC warned that because Kalshi is based in New York, the restrictions could effectively prevent the platform from offering all event contracts nationwide.

According to the CFTC, New York is seeking at least $36 billion in compensatory damages pending an accounting. The underlying state lawsuit, filed July 31, alleges Kalshi runs an illegal, unlicensed gambling business through its event-linked contracts. New York seeks restitution, disgorgement, damages, and penalties, including a penalty equal to three times Kalshi’s alleged gains and $100,000 for each unauthorized sports wagering offer or attempt in New York.

New York’s case reflects a broader theory that state gambling law applies to prediction-market style contracts—an issue that has become a central legal battleground for the emerging event-contract space.

Federal preemption and the jurisdiction fight

Kalshi has argued that states cannot shut down a federally licensed exchange. The CFTC, by contrast, maintains that the Commodity Exchange Act gives it exclusive jurisdiction over transactions involving swaps traded on designated contract markets, including event contracts that Kalshi lists as swaps.

This is not a new legal question. In a separate New York case, a federal judge denied Kalshi’s request for a preliminary injunction on July 7. At that stage, the judge found that New York gambling laws were not preempted by the Commodity Exchange Act as applied to Kalshi’s sports-event contracts.

Previously, the CFTC also sued New York in federal court in April, seeking to block the state from applying its gambling laws to CFTC-registered contract markets. In that earlier action, Judge Jed Rakoff denied without prejudice the agency’s emergency request for a temporary restraining order. The court found the CFTC had not shown a high likelihood of success on the merits or a likelihood of irreparable harm.

While Tuesday’s order directs Kalshi to continue operating, it does not decide the underlying jurisdictional dispute. The CFTC itself characterized the order as separate from a final judicial determination on whether federal law preempts state enforcement.

A nationwide regulatory dispute across multiple states

The Kalshi controversy is also being framed by the CFTC as part of a broader effort to defend federally granted authority. The agency said in its order that it has sued eight other states in addition to New York to protect what it views as congressionally granted jurisdiction.

That means the outcome of the Kalshi litigation could carry implications beyond a single company. If courts ultimately endorse the CFTC’s preemption theory, state regulators may face tighter limits when attempting to apply gambling statutes to event contracts traded on designated contract markets. If courts reject that position, enforcement could become more decentralized, potentially pushing operators to navigate divergent state regimes.

For market participants—exchanges, traders, and institutions—the practical stakes are straightforward: disruptions to listings, contract availability, or trading access can directly affect liquidity and price formation. The CFTC’s focus on “orderly trading and price discovery” suggests the regulator is trying to prevent a compliance or shutdown cascade while the legal questions play out.

For Kalshi and similarly structured platforms, the key uncertainty remains judicial. Tuesday’s CFTC order preserves operations in the short term, but it does not substitute for a court ruling on the scope of federal preemption versus state gambling enforcement.

Readers should watch next for how courts handle the preemption question on the merits and whether any additional federal or state rulings narrow (or expand) what event-contract platforms can offer during the litigation. The emergency posture may keep the platform running for now, but the core jurisdictional disagreement is still unresolved.

Strategy CEO Phong Le says the firm plans to resume adding Bitcoin later this year, even after recent asset sales that have triggered renewed scrutiny from investors and market observers.

In a Monday interview with FOX Business, Le said Strategy purchased about 175,000 BTC since the start of the year while selling roughly 7,000 BTC, describing the activity as “about 25 times more” buying than selling. He also said Strategy has moved from being the world’s second-largest institutional Bitcoin holder to the largest.

Key takeaways

• Strategy says it intends to restart accumulating Bitcoin later this year, after a year-to-date pattern of heavy net buying.
• According to Le, Strategy bought ~175,000 BTC since January and sold ~7,000 BTC year-to-date—netting a large imbalance toward accumulation.
• The company has sold Bitcoin on four occasions since May, with the latest reported sale totaling 1,690 BTC.
• BitcoinTreasuries.NET data suggests public companies collectively hold more BTC than exchange-traded products and other funds, but the treasury “premium” financing model is under strain.

A pledge to buy more, after sales drew questions

Le told FOX Business that Strategy expects to “get back to buying more Bitcoin throughout the course of the year.” That statement comes after the firm shifted part of its approach—at least temporarily—from its long-standing narrative of avoiding Bitcoin sales whenever possible.

While Strategy’s sales have remained small relative to its total stash, the decision to sell has been closely watched because it represents a departure from the “never sell” stance that helped establish its credibility with long-term Bitcoin-focused shareholders.

Strategy has accumulated more than 840,000 BTC, but it has reportedly sold Bitcoin on four occasions since May. The most recent sale, according to the interview context, totaled 1,690 BTC. Le’s broader argument appears to be that the company can still prioritize net accumulation while meeting other corporate obligations.

Why Strategy’s sales matter to investors

Even limited selling can have outsized signaling effects for a company built around a Bitcoin treasury strategy. The concern is not only about the immediate numbers, but about what the sales suggest regarding internal trade-offs.

The proceeds from Strategy’s recent Bitcoin sales have been used to support preferred stock dividends, share repurchases, and its U.S. dollar reserve. That mix highlights a core tension for any public company holding large BTC reserves: management must balance capital preservation and growth with shareholder payouts, equity-market expectations, and liquidity requirements.

Le’s “25 times more” framing underscores that Strategy’s year-to-date behavior still leans toward accumulation. However, the very fact that the company has made multiple sales since May suggests conditions have required more flexibility than the firm’s earlier messaging implied.

Earlier coverage from Cointelegraph noted that Strategy’s earlier capital and balance-sheet approach aimed to preserve Bitcoin exposure while also addressing returns to shareholders, including through a capital framework designed to fund dividends. The latest remarks reinforce that Strategy is trying to maintain that direction while navigating the pressures of public-company financing constraints.

The broader corporate treasury model faces a tougher environment

Strategy’s challenge fits into a larger pattern across the corporate Bitcoin treasury sector. Corporate holdings have continued to grow, but weaker market conditions make the traditional economics of the model harder to sustain.

According to BitcoinTreasuries.NET, public companies hold more than 1.26 million BTC, while trailing exchange-traded funds and other funds hold more than 1.6 million BTC. The size of the holdings suggests institutional accumulation remains active, but it does not automatically solve the capital question that determines how quickly companies can keep buying.

NOVAQUE Research has previously described the financing cycle that powered rapid expansion: when Bitcoin treasury companies traded at premiums to the net asset value of their BTC holdings, they could raise capital through equity or debt and then deploy proceeds to purchase more Bitcoin. That premium effectively reduced the dilution cost for shareholders because the market was valuing the companies above the value of their BTC.

In more difficult market regimes, that cycle becomes harder to maintain. When shares trade below net asset value, new fundraising can dilute existing holders more than it would in a premium environment—making continued aggressive accumulation financially less straightforward. Cointelegraph previously noted this shift in market dynamics in an analysis of how trade and holdings trends have changed for funds and BTC-holding entities.

What to watch next for Strategy

Strategy’s stated plan to resume accumulating Bitcoin later this year will likely be judged against two practical signals: whether future BTC purchases appear to outweigh any continued liquidity needs, and whether management’s willingness to sell—however small—persists as market conditions evolve. With the corporate treasury model sensitive to share-price-to-NAV dynamics, investors may also watch whether Strategy can keep access to capital on terms that don’t force meaningful dilution.

The euro and pound are holding their ground against the US dollar, although the momentum in European currencies has become more subdued following their previous gains. Market participants are reluctant to establish new positions ahead of the release of the July US inflation report, which could alter expectations for the Federal Reserve’s future policy. Recent labour market data is also encouraging caution: a weak ADP report and a decline in the ISM employment component have added to signs of a gradual cooling in the US labour market.

Today, the main focus will be on the US Consumer Price Index (CPI). According to forecasts, annual inflation may slow to 3.4% from 3.5%, while monthly prices are expected to rise by 0.1% after falling 0.4% a month earlier. Core CPI is forecast at 2.5% year-on-year and 0.2% month-on-month. Weaker-than-expected figures could strengthen expectations of monetary policy easing by the Fed and put additional pressure on the dollar. If inflation comes in above forecasts or proves more persistent, the US currency could receive fresh support. Final inflation figures for Germany and Italy will also be released in Europe, although their impact is likely to remain limited in the absence of significant deviations from preliminary estimates. Therefore, US inflation data is likely to be the main driver for EUR/USD and GBP/USD during today’s session.

EUR/USD

In recent trading sessions, EUR/USD has been moving within a relatively narrow range of 1.1500–1.1580. Technical analysis suggests the possibility of another test of the lower boundary, as a Dark Cloud Cover pattern has formed on the daily timeframe. If sellers manage to establish a position below 1.1500, the pair could resume its downward move towards 1.1430–1.1460. Conversely, weaker-than-expected US inflation data could push the price towards 1.1600–1.1620.

Key events for EUR/USD:

• today at 09:00 (GMT+3): German Consumer Price Index (CPI);
• today at 11:00 (GMT+3): Italian Harmonised Index of Consumer Prices (HICP);
• today at 15:30 (GMT+3): US Consumer Price Index (CPI).

GBP/USD

GBP/USD buyers managed to push the pair to a new local high around 1.3500. Technical analysis indicates the possibility of further gains towards 1.3540–1.3560 if the 1.3480–1.3500 area is established as support. Stronger-than-expected US inflation data could support the dollar and trigger another test of the 1.3400 level in GBP/USD.

Key events for GBP/USD:

• tomorrow at 09:00 (GMT+3): UK GDP;
• tomorrow at 14:00 (GMT+3): NI’s monthly GDP tracker;
• tomorrow at 21:00 (GMT+3): US federal budget execution report.

Overall, EUR/USD and GBP/USD are holding their ground after their previous gains, but their next direction will largely depend on today’s US inflation report. Weaker CPI data could strengthen expectations of Fed easing and put additional pressure on the dollar, creating room for further gains in European currencies. If inflation comes in above forecasts, however, the US currency could receive fresh support, increasing the likelihood of EUR/USD and GBP/USD returning to their nearest support levels.

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Crypto friendly Erebor Bank is nearing a roughly $1.5 billion funding round at an $8 billion pre-money valuation, according to people familiar with the discussions cited by the FT. 

The talks come only six months after the Columbus, Ohio lender received final approval to open as a U.S. national bank. Erebor has not announced the financing and declined to comment to the newspaper, meaning the size, valuation and investor commitments remain subject to change.

Lux Capital, Human Capital, Valor Equity Partners, Andreessen Horowitz and SV Angel are expected to make commitments, while existing investors 8VC and Haun Ventures are also reportedly participating. The $8 billion figure is before the proposed new capital is added. If the full $1.5 billion closes on those terms, the resulting valuation would be about $9.5 billion.

Erebor Bank deposits have climbed above $4 billion

Regulatory figures give some support to the growth behind the fundraising talks. Erebor’s latest call report showed about $4.06 billion in deposits and roughly $4.66 billion in assets at the end of June, compared with around $1.1 billion in deposits at March 31.

The FT reported that deposits increased further to $4.6 billion by the end of July, citing a person familiar with the figures. That July total has not yet appeared in a quarterly regulatory filing. The same source said Erebor had surpassed $100 million in annualized recurring revenue, another figure that has not been independently confirmed through public filings.

As previously reported, Erebor’s deposits had already climbed above $4 billion by early July, up sharply from its first quarter level. The earlier fundraising discussions were already targeting a valuation of at least $8 billion, making the latest reported $1.5 billion round an extension of talks that were underway before August.

U.S. charter gave Erebor room to pursue crypto clients

Erebor began operating after receiving its national bank charter on Feb. 6. The FDIC’s public records list the bank as established on that date, while the agency had approved its deposit insurance application in December 2025.

The bank was created to serve what its charter application called the U.S. innovation economy, including companies involved in digital assets, artificial intelligence, defense and advanced manufacturing. Erebor also planned to provide services to high and ultra high net worth individuals connected to those sectors. The OCC granted preliminary conditional approval in October 2025.

As previously reported, Erebor secured preliminary approval for its national bank charter after the OCC said legally permissible digital asset activities could be conducted by federally chartered banks when handled safely.

That policy direction has continued. The OCC said this week that digital asset firms engaged in permissible activities should have a route into the national banking system, as Comptroller Jonathan Gould pushes to revive de novo bank formation.

Erebor faces stricter capital requirements during early growth

Erebor’s rapid deposit expansion also raises the importance of its regulatory capital obligations. The FDIC approval requires the bank to maintain at least a 12% Tier 1 leverage ratio during its first three years, a higher threshold than many established banks operate under.

That requirement means fresh equity can support balance sheet growth as Erebor moves beyond deposits into lending. The bank has already appeared in a large industrial financing. Valar Atomics said on Aug. 3 that it closed a $200 million credit facility led by Erebor as administrative agent and JPMorgan, alongside Crescent Cove and Hercules Capital.

The facility accompanied Valar’s $1 billion Series B financing and gives an early example of Erebor targeting capital intensive companies outside conventional software startups. That fits its stated strategy of serving defense, energy, AI infrastructure and other sectors that often require larger credit facilities.

What happens next for Erebor’s $1.5 billion round

The financing has not closed. People familiar with the discussions told the FT that demand was strong and the transaction could be completed within weeks, but no final date has been announced. Erebor has also not publicly confirmed the investors, valuation or amount.

If completed at the reported terms, the round would mark another rapid valuation increase after Erebor was valued at about $4.35 billion in an earlier financing. For now, the more verifiable measure of its expansion is the balance sheet: deposits grew from roughly $1.1 billion in March to more than $4 billion by June, while lending has begun to expand into large technology and industrial projects.