Catenaa, Wednesday, February 25, 2026-Brevan Howard’s flagship crypto fund lost nearly a third of its value in 2025, marking the worst year since the fund’s 2021 launch.
The BH Digital Asset fund declined 29.5% as broader crypto markets fell, with total capitalization dropping 10.4% to $3 trillion. Bitcoin ended 2025 down over 6%, underperforming traditional hedges like gold, which rose 62.6% during the year.
Despite losses, the fund remained active, investing in blockchain ventures including Superstate, which raised $82.5 million in January, and TRM Labs, valued at $1 billion after a $70 million Series C round in February.
Brevan Howard Digital also backed Nasdaq-listed miner Canaan and startup Legion alongside other institutional investors.
BH Digital’s strategy includes structured protections uncommon in traditional venture capital. The fund’s 2024 investment in Berachain granted a one-year refund right following the token generation event, reflecting growing adoption of downside safeguards in institutional crypto allocations.
The fund’s performance contrasts with prior years of gains, having risen 43% in 2023 and 52% in 2024, benefiting from bitcoin’s rally past $100,000 in December 2024 and recovery from 2022 market lows.
Brevan Howard Digital Asset operates alongside the firm’s other strategies, including the flagship Master fund, which posted less than 1% growth in 2025. The unit manages $2.4 billion in digital assets, maintaining capital deployment even amid market contractions.
