Key Takeaways
- • Brevan Howard's BH Digital Asset fund declined 29.5% in 2025, marking its worst annual performance since launch in 2021, as cryptocurrencies broadly sold off despite Bitcoin's relatively modest 6% decline.
- • The fund managed approximately $2.4 billion at the start of 2025, representing a significant institutional position in digital assets after delivering strong returns of 43% in 2023 and 52% in 2024.
- • Leadership transition occurred during the downturn, with chief executive and CIO Gautam Sharma departing and being replaced by Chris Rayner-Cook, formerly head of trading and financing at Coinbase.
- • The strategy deteriorated amid weakness in technology stocks and concerns around AI-driven disruption, reversing two consecutive years of exceptional gains.
Summary
Brevan Howard's flagship digital assets fund suffered a sharp reversal in 2025, posting a 29.5% loss according to the Financial Times, citing unnamed sources familiar with the performance. The BH Digital Asset fund, which invests in both liquid digital currencies and venture-style positions in blockchain-related businesses, experienced its worst annual result since its 2021 inception. This marked a dramatic reversal from the fund's prior two years, when it delivered 43% returns in 2023 and 52% in 2024.
The decline occurred as cryptocurrencies experienced broad-based weakness throughout 2025. Bitcoin, the largest and most widely tracked digital asset, fell approximately 6% over the year after a powerful early rally gave way to a sustained pullback. The broader technology sector's weakness and growing concerns about artificial intelligence-driven disruption appear to have pressured both the fund's liquid cryptocurrency positions and its venture-style blockchain investments.
At the start of 2025, Brevan Howard's digital assets unit held around $2.4 billion in assets under management, with the bulk of capital allocated to the BH Digital Asset fund. The strategy was launched with backing from Alan Howard, the billionaire co-founder of Brevan Howard and a prominent early advocate for digital assets. The difficult 2025 performance coincided with leadership changes, as Gautam Sharma, the fund's chief executive and chief investment officer, departed. He was succeeded by Chris Rayner-Cook, formerly head of trading and financing at Coinbase, bringing institutional cryptocurrency exchange experience to the leadership role.
The decline occurred as cryptocurrencies experienced broad-based weakness throughout 2025. Bitcoin, the largest and most widely tracked digital asset, fell approximately 6% over the year after a powerful early rally gave way to a sustained pullback. The broader technology sector's weakness and growing concerns about artificial intelligence-driven disruption appear to have pressured both the fund's liquid cryptocurrency positions and its venture-style blockchain investments.
At the start of 2025, Brevan Howard's digital assets unit held around $2.4 billion in assets under management, with the bulk of capital allocated to the BH Digital Asset fund. The strategy was launched with backing from Alan Howard, the billionaire co-founder of Brevan Howard and a prominent early advocate for digital assets. The difficult 2025 performance coincided with leadership changes, as Gautam Sharma, the fund's chief executive and chief investment officer, departed. He was succeeded by Chris Rayner-Cook, formerly head of trading and financing at Coinbase, bringing institutional cryptocurrency exchange experience to the leadership role.
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