Key Takeaways
- • Brevan Howard's BH Digital Asset fund fell 29.5% in 2025, its worst calendar-year performance since launching in 2021, according to the Financial Times.
- • The loss was driven by a broad sell-off across digital assets during a difficult period for the crypto market, which reflected sector-wide losses among hedge funds.
- • The decline marks the fund's first major drawdown since its inception, a notable result for an institutional crypto vehicle managed by one of Europe's established hedge fund firms.
- • Coverage of the loss is consistent across outlets, with reports citing a figure of roughly 29.5% to 30%.
Summary
Brevan Howard's dedicated digital asset fund, the BH Digital Asset fund, lost 29.5% of its value in 2025, according to the Financial Times. The decline was the fund's worst annual performance since it launched in 2021, and several outlets rounded the figure to approximately 30%.
The loss was attributed to a broad sell-off across cryptocurrency markets during the year. Reports describe the fund's performance as reflecting a global crypto downturn that also weighed on other hedge fund strategies with digital asset exposure. The BH Digital unit is the cryptocurrency arm of Brevan Howard, the global macro hedge fund manager.
For institutional allocators, the result is a reminder of the volatility associated with digital asset strategies, even within managers with established risk frameworks. The figures available from the sources reported the annual return only; detailed information on assets under management, redemptions, or fund-level exposures was not available in the reporting reviewed.
The loss was attributed to a broad sell-off across cryptocurrency markets during the year. Reports describe the fund's performance as reflecting a global crypto downturn that also weighed on other hedge fund strategies with digital asset exposure. The BH Digital unit is the cryptocurrency arm of Brevan Howard, the global macro hedge fund manager.
For institutional allocators, the result is a reminder of the volatility associated with digital asset strategies, even within managers with established risk frameworks. The figures available from the sources reported the annual return only; detailed information on assets under management, redemptions, or fund-level exposures was not available in the reporting reviewed.
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