Funding supervisor Brevan Howard’s cryptocurrency fund misplaced about 30% final yr as a result of fall in Bitcoin. BTC$67,796.42 The bull market has stalled, the Monetary Instances (FT) reported on Wednesday.
The BH Digital Asset Fund misplaced 29.5% of its worth, its worst efficiency in a calendar yr since its inception in 2021, the report mentioned, citing individuals conversant in the fund’s efficiency. The fund underperformed Bitcoin, which fell 6% over the identical interval.
BH Digital Asset, which invests in crypto tokens and digital asset-related firms, loved features of 43% and 52% in 2023 and 2024, respectively, because the cryptocurrency market recovered from its 2022 lows and Bitcoin costs exceeded $100,000 in December 2024.
“(BH Digital Belongings) has quite a lot of personal fairness and enterprise capital sort merchandise,” one hedge fund investor mentioned, based on the FT report. “They’ve underperformed Bitcoin, however to their credit score, the final yr has been horrible for cryptocurrencies.”
Brevan Howard didn’t instantly reply to CoinDesk’s request for additional remark.
