Investment manager Brevan Howard’s cryptocurrency fund fell nearly 30% last year as bitcoin The upward trend has weakened, the Financial Times (FT) reported on Wednesday.
The BH Digital Asset fund lost 29.5% of its value, its worst calendar year performance since its inception in 2021, according to the report, which cited people close to the fund’s performance. The fund underperformed bitcoin, which lost 6% over the period.
BH Digital Asset, which invests in crypto tokens and digital asset-related companies, saw gains of 43% and 52% in 2023 and 2024, respectively, as the crypto market recovered from 2022 lows and the price of bitcoin eclipsed $100,000 in December 2024.
“There are many private equity and venture capital instruments [in BH Digital Asset]”said one hedge fund investor, according to the FT 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 additional comment.
