FRESNO - Technology company Bitwise Industries today announced several company updates. After initiating a furlough of its employees and suspending operations effective May 30, 2023, the company has terminated co-CEOs Jake Soberal and Irma L. Olguin Jr. Additionally, the Board of Directors has appointed Ollen Douglass interim President, effective June 1, 2023.

The Board of Directors has begun investigating what led to these current circumstances and events and is engaging independent experts for support. As Interim President, Douglass will oversee the investigation, drawing on his background in auditing and experience as a former chief financial officer. 

"It was an incredibly difficult decision to suspend operations at Bitwise Industries and furlough the hardworking team members. The Board of Directors was recently made aware of the company's cash deficit by management and took immediate action as a result," said Douglass. "The Board of Directors is taking this matter very seriously. We are committed to determining the root cause and will continue to take swift action."

Ollen Douglass is the CEO of Hanover Street Advisors, a consulting firm that supports early-stage venture-backed companies. Before that, he launched and led Motley Fool Ventures, which invested in Bitwise. Douglass has more than 30 years of experience in finance, including as an auditor at KPMG, and has been recognized in accounting and venture capital for his work.