Brevan Howard’s crypto fund, BH Digital Asset, experienced a significant downturn in 2025, falling nearly 30%, according to a report by the Financial Times on Wednesday. The fund’s 29.5% loss represents its worst calendar year performance since its launch in September 2021.
The decline contrasted sharply with gains of 43% in 2023 and 52% in 2024, periods when the broader cryptocurrency market rebounded. Bitcoin, the leading cryptocurrency, itself saw a 6% loss in 2025, but still underperformed BH Digital Asset. The fund invests in both crypto tokens and companies operating in the digital asset space.
According to the FT report, which cited sources familiar with the fund’s performance, a portion of the fund’s investments are in private equity and venture capital instruments. “You’ll see a lot of private equity and venture capital type instruments [in BH Digital Asset],” one hedge fund investor told the FT. “They have underperformed bitcoin but to give them credit, last year was terrible for crypto.”
BH Digital is the dedicated crypto and digital asset division of Brevan Howard, a global alternative investment management firm. The division was established to provide institutional investors with access to the digital asset market, according to LinkedIn and Rosenblatt Securities.
Brevan Howard, in general, cautions against relying on forecasts of future performance. The firm states on its website that references to future returns are not promises or estimates and past performance is not indicative of future results. The firm also notes that its funds employ trading techniques, including leverage, that can increase the risk of investment loss.
Brevan Howard did not respond to a request for comment from CoinDesk regarding the reported losses.
