Investment manager Brevan Howard’s cryptocurrency fund lost about 30% last year due to the decline in Bitcoin. The bull market has stalled, the Financial Times (FT) reported on Wednesday.
The BH Digital Asset Fund lost 29.5% of its value, its worst performance in a calendar year since its inception in 2021, the report said, citing people familiar with the fund’s performance. The fund underperformed Bitcoin, which fell 6% over the same period.
BH Digital Asset, which invests in crypto tokens and digital asset-related companies, enjoyed gains of 43% and 52% in 2023 and 2024, respectively, as the cryptocurrency market recovered from its 2022 lows and Bitcoin prices exceeded $100,000 in December 2024.
“(BH Digital Assets) has a lot of private equity and venture capital type products,” one hedge fund investor said, according to the FT report. “They have underperformed Bitcoin, but to their credit, the last year has been terrible for cryptocurrencies.”
Brevan Howard did not immediately respond to CoinDesk’s request for further comment.
