Brevan Howard’s crypto vehicle plunged nearly 30% last year, marking its worst calendar-year performance since the fund launched in 2021, the Financial Times reported.
According to people familiar with the fund’s performance cited by the FT, BH Digital Asset fell 29.5% as the broader bitcoin BTC $67,105.06 rally lost momentum. The fund significantly underperformed bitcoin, which slipped about 6% over the same period.
BH Digital Asset — which invests in crypto tokens and digital-asset companies — had posted strong back-to-back gains of 43% in 2023 and 52% in 2024 amid the market rebound that saw bitcoin top $100,000 in December 2024. But the fund’s holdings, which include a number of private equity- and venture-capital-style positions, lagged the benchmark last year. “They have underperformed bitcoin but to give them credit, last year was terrible for crypto,” one hedge fund investor told the FT.
Brevan Howard did not immediately respond to CoinDesk’s request for comment.
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