Brevan Howard flagship digital asset fund drops nearly 30% in 2025

The flagship digital asset fund of Brevan Howard posted its worst performance since launch, falling 29.5% in 2025 as the crypto market correction weighed on both token holdings and venture investments.

According to a report by Financial Times, the BH Digital Asset fund — launched in 2021 with backing from co-founder Alan Howard — saw a sharp reversal after strong gains of 43% in 2023 and 52% in 2024. Brevan Howard’s digital assets unit managed about $2.4 billion at the start of 2025, with most assets allocated to the BH Digital fund.

Despite the downturn, the fund continued deploying capital into blockchain and tokenization startups during the year, including rounds for Superstate and TRM Labs, along with investments in Nasdaq-listed miner Canaan and layer-1 project Berachain, with some deals featuring downside-protection terms.