Investment manager Brevan Howard’s cryptocurrency fund fell nearly 30% last year on Bitcoin The bull market momentum is wavering, the Financial Times reported on Wednesday.
Citing people familiar with the fund’s performance, the report said the BH Digital Asset Fund lost 29.5% of its value, marking its worst one-year performance since its inception in 2021. The fund’s performance lagged Bitcoin, which fell 6% over the same period.
As the crypto market recovered from its 2022 lows and Bitcoin prices topped $100,000 in December 2024, BH Digital Asset, which invests in crypto tokens and digital asset-related companies, posted gains of 43% and 52% in 2023 and 2024, respectively.
“There are a lot of private equity and venture capital type vehicles [in BH Digital Asset]One hedge fund investor said, according to the Financial Times. “They’re lagging behind Bitcoin, but to their credit, cryptocurrencies performed poorly last year.”
Brevan Howard did not immediately respond to CoinDesk’s request for further comment.
