Brevan Howard crypto fund posts 30% loss in 2025, worst year since launch: FT
Brevan Howard's crypto fund experienced a 29.5% loss in 2025, its worst performance since launching in 2021, due to a crypto market downturn.Summary
Brevan Howard's BH Digital Asset fund suffered a significant 29.5% loss in 2025, marking its worst year since inception in 2021. This decline was attributed to a broader correction in the cryptocurrency market, impacting both token investments and venture capital holdings. Despite the loss, the fund continued to deploy capital into various projects throughout the year, participating in funding rounds for firms like Superstate, TRM Labs, Canaan, and Legion. Interestingly, some of its recent investments included downside protection clauses, a growing trend in institutional crypto allocations, such as a potential refund right on its investment in Berachain. The fund’s performance contrasts sharply with strong gains of 43% in 2023 and 52% in 2024, which benefited from the crypto market’s recovery and Bitcoin’s rally.
(Source：The Block)