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About Bitwise
Bitwise is a crypto asset management platform offering a broad range of investment products, including ETFs/ETPs, private funds, separately managed accounts, staking services, and on-chain treasury products. It recently launched Automated Token Portfolios (ATPs), which package tokenized stocks into model portfolios that users can hold directly in their own crypto wallets.
Its core value proposition lies in product innovation: bridging traditional finance (TradFi) with decentralized finance (DeFi). ATPs address two key pain points: traditional ETFs are slow to launch and cannot quickly adapt to emerging market themes, while crypto-native users increasingly want self-custody of their assets without relying on centralized intermediaries. Bitwise solves this by offering professionally curated portfolios that remain under the user's own control.
In the past six months (February to August 2026), Bitwise attracted over $1.8 billion in net inflows across its four main business lines—ETFs/ETPs, active private management and alpha strategies, staking, and treasury products. However, the period also saw significant negative developments: client assets under management fell from $15 billion (reported in February) to $11 billion (as of April 1), a decline of at least $4 billion. Between April and June, Bitwise liquidated eight ETFs, including two Web3 and rotation strategy funds and six single-stock or Ethereum-linked option income funds. In August, the company cut its workforce by approximately 14%, from about 180 to 155 employees.
Despite these contractions, Bitwise continued to expand in other areas: it launched an Avalanche ETP with built-in staking in Europe (April), listed a Hyperliquid ETF (May), and took over Superstate's $267 million Crypto Carry Fund (June). The simultaneous product exits and new launches suggest a strategic reallocation of resources rather than a simple retreat.
Bitwise has evolved from a single crypto index fund in 2017 into a diversified asset manager with over $15 billion under management. Key long-term milestones include:
Launching the first US crypto index fund (Bitwise 10) in 2017, establishing its index-driven approach. In January 2024, it became one of the first issuers of spot Bitcoin ETFs (BITB), followed by spot Ethereum ETFs (ETHW), marking its entry into mainstream regulated products.
The firm has consistently pioneered new ETF categories: it launched the first US spot Hyperliquid ETF (BHYP) in May 2026 with integrated staking rewards, and introduced the AVAX spot ETF. It also expanded internationally, listing five crypto ETPs on the Italian Stock Exchange.
A significant strategic shift came with the acquisition of staking infrastructure provider Chorus One in early 2026, enabling native yield integration across products. In June 2026, Bitwise took over management of the $267 million tokenized crypto basis fund USCC from Superstate, entering the tokenized fund space—its first such product.
Bitwise also filed for six ETFs using a prediction market model on NYSE Arca, showing its willingness to explore novel structures. The CEO's public stance on DeFi resilience and the eight-year high in wealth management inflows reflect its positioning as a bridge between traditional finance and crypto.
Co-founders:
Hunter Horsley (Co-founder & CEO): Previously Product Manager at Facebook/Instagram, focusing on video monetization and Save. BS in Economics from Wharton, University of Pennsylvania. Forbes 30 Under 30.
Hong Kim (Co-founder & CTO): Previously Software Security Researcher in the Korean military. BS in Computer Science from University of Pennsylvania.
Core executives:
Matthew Hougan (CIO): Former CEO of ETF.com, Managing Director at Informa. Co-authored CFA Institute monograph on ETFs. BA from University of Pennsylvania.
Teddy Fusaro (President): Former SVP at New York Life, Head of Portfolio Management & Trading at IndexIQ, VP at Direxion. Background at Goldman Sachs.
Bitwise has seen notable team changes recently.
Departures:
- Danny Nelson, Research Analyst, joined April 2025, departed March 2026 (tenure ~11 months).
- Tova Kaufmann, PR & Communications Lead, joined April 2025, departed August 2026 due to company-wide layoffs.
Context: Bitwise laid off 14% of staff (~25 people) in August 2026, reducing headcount from 180 to 155 amid market downturn. CEO Hunter Horsley called it a short-term adjustment, while CIO Matt Hougan predicted Bitcoin has bottomed.