Brevan Howard Crypto Fund Falls 30% Amid Market Crash

• Brevan Howard’s crypto fund lost around 30% in 2025, marking its worst year since 2021.
• The loss aligns with the broader crypto market crash in October 2025.
• The company’s investment strategy didn’t help it withstand the market crash.

Investment giant Brevan Howard saw its main crypto fund tumble nearly 30% last year as the Bitcoin rally began to lose momentum. The Financial Times reported that the BH Digital Asset fund experienced its most significant annual decline since it began operations in 2021, dropping 29.5%.

The digital asset fund, which targets crypto-related businesses, underperformed Bitcoin itself. The fund experienced its first decline after two successful years, which saw it achieved 43% growth during 2023 and 52% growth in 2024. 

Brevan Howard’s Crypto Fund Records Worst Year

The latestFinancial Times report revealed that asset manager Brevan Howard saw a steep decline in its crypto-focused fund in 2025, marking the worst year since 2021. As the crypto market plummeted to its lowest levels in October 2025, the company’s losses were recorded near 30%.

Reportedly, the BH Digital Asset fund dropped by 29.5% over the year. In the previous two years, the fund, which invests in crypto tokens and companies linked to the industry, saw remarkable growth as the market bounced back from the 2022 slump. The rise was further bolstered by the surge of Bitcoin above $100k in 2024.

What is more noteworthy is that the Brevan Howard fund’s performance was even weaker than the overall crypto market and Bitcoin. While the fund saw a steep fall, the overall market benchmark dropped much less during the same period. This shows that the company’s strategy did not fully protect it from the market downturn. A hedge fund investor noted,

“There are a lot of private equity and venture capital type instruments [in BH Digital Asset]…They have underperformed bitcoin but to give them credit, last year was terrible for crypto.”

In addition to crypto investments, the BH Digital Asset fund has also exposure to crypto-related companies, private deals, and venture-style investments. Because of this strategy, its returns can differ from the market. However, in a worse year, these less liquid and long-term investments can drag down performance.

Unveiling Investor Concerns and Market Reality

In response to the revelation, some Brevan Howard investors pointed out that the fund has a lot of money placed in private deals and venture-style investments. They believe that these types of investments usually take more time to show returns.

During the recent market slowdown, these types of investments did not perform well. Many agreed that 2025 was a tough year for the entire crypto industry, not just this fund. Thus, this indicates that even large investors struggled as the crypto market cooled after a strong rally.

Crypto Market Still Caught in Downtrend

Last October, the global crypto market sank to one of its largest crashes ever. After hitting its all-time high of $126k, BTC plunged to severe lows, now trading below $70k.

Since the October crash, the market has been facing severe pressure, with top assets failing to sustain key levels. Short-term movements, global economic uncertainty, and geopolitical tensions are significantly impacting the market, further pushing crypto prices down. This ongoing volatility suggests that the crypto market is in a highly sensitive phase, where both risks and opportunities exist at the same time.