Brevan Howard offered $25 million ‘refund right’ for its Berachain investment: Unchained

Brevan Howard's crypto-focused subsidiary, Nova Digital, allegedly secured a near-zero-risk investment in Berachain's $69 million Series B funding round by obtaining a year-long refund right on its $25 million investment. This right, which lasts until February 6, 2026, allows Brevan to recoup its principal if Berachain's BERA token performs poorly, contrasting with traditional venture investments where principal risk is assumed. Currently, BERA is trading significantly below Brevan's implied investment price of $3 per token. The Series B round was co-led with Framework Ventures, and the refund clause was detailed in a side letter signed by representatives from Berachain Foundation and Nova Digital, requiring Nova to deposit $5 million upon the token generation event (TGE) to activate the arrangement. Berachain, an anticipated Ethereum-compatible Layer 1 protocol, has not yet commented on whether other investors received similar terms.

(Source：The Block)