Bitwise Industries file photo

Fresno-based Bitwise Industries announced to employees on Monday that it is furloughing 100% of its workforce effective immediately.

The news comes after published news reports beginning last week that the company was struggling to meet its payroll, property taxes, rent and other financial obligations.

Bitwise has 300 employees in its Fresno locations, reported GV Wire. It also has offices in Merced, Oakland, Bakersfield, Ohio and Texas.

Other centers were planned in Colorado, New Mexico, Wyoming and New York, according to a March 2022 announcement.

In February, Bitwise announced an $80 million infusion in venture funding that would help an expansion into Chicago.

In an interview with the Fresno Bee Monday, Bitwise co-founder and co-CEO Jake Soberal said the furloughs are a “temporary action” in the face of financial stressors that “happened in a very short period of time.”

“Several critical (financial) transactions either did not materialize or materialized unfavorably, and the quantum of that is quite large,” Soberal was quoted in The Bee.

SJVSun reported Tuesday that an internal Bitwise source said the company has missed distributing more than $1 million in contributions to employee retirement accounts since March 17.