Investment manager Brevan Howard’s cryptocurrency fund fell almost 30% last year as the bitcoin bull run faltered, 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, according to the report, which cited people familiar with the fund’s performance. The fund underperformed bitcoin, which lost 6% in the 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 crypto market recovered from the lows of 2022 and the bitcoin price eclipsed $100,000 in December 2024.
“There are a lot of private equity and venture capital type instruments [in BH Digital Asset],” said one hedge fund investor, according to the FT’s report. “They have underperformed bitcoin but to give them credit, last year was terrible for crypto.”
Brevan Howard did not immediately respond to CoinDesk’s request for further comment.