BH Digital didn't just get Dragonfly's head of liquid strategies, it got the whole team

Quick Take

  • Dragonfly’s liquid team was acquired by investment firm Brevan Howard, according to two sources.
  • Brevan Howard said on Thursday that Dragonfly’s Kevin Hu, who led the Dragonfly team, had joined the firm. 

Brevan Howard Digital didn't just hire Dragonfly's head of liquid strategies — it scooped up the whole team. 

The firm said
 on Thursday that Dragonfly’s Kevin Hu, a former general partner and head of the liquid strategies, had joined Brevan Howard's crypto arm and would focus on listed digital assets. But BH Digital also acquired Hu's former liquid group at Dragonfly, according to two sources familiar. 

BH Digital and Dragonfly both declined to comment. 

BH Digital is expanding amid a difficult market for the industry. While cryptocurrencies have seen prices rally in recent weeks, they are still far from their 2021 peak. The collapses of 3AC and FTX triggered ripple effects, sending companies scrambling to survive.


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Dragonfly launched its inaugural liquid crypto fund in 2021, which was managed by Hu, Ashwin Ramachandran and Lawrence Diao. As of April, the liquid investment platform had raised more than $450 million. It announced the launch of a new "liquid platform" in July, without explaining what exactly it was.

Brevan Howard manages over $30 billion in assets for institutional investors, such as sovereign wealth funds and corporate and public pension plans.

© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

About Authors

Sarah is a reporter at The Block covering policy, regulation and legal happenings. Before, Sarah was a reporter with CQ Legal writing about securities regulation, which is where she first started reporting on crypto. Sarah has also written for The Bond Buyer and American Banker, among other finance-related publications. She graduated from the University of Missouri and earned a degree in print and digital journalism. Sarah is based in Washington D.C., and is an avid coffee lover. You can follow her on Twitter @ForTheWynn.
Frank Chaparro is the Editor At Large at The Block. Chaparro started his career at Business Insider, where he specialized in the intersection of digital assets and Wall Street, market structure, and financial technology. Soon after joining Business Insider out of Fordham University, Chaparro was interviewing top finance and tech executives, including billionaire Mark Cuban, “Flash Boys” star Brad Katsuyama, Cboe Global Markets CEO Ed Tilly, and New York Stock Exchange President Tom Farley. In 2018, he become a sought after reporter in the crypto world, interviewing luminaries such as Tyler Winklevoss, the cofounder of Gemini, Jeremy Allaire, the CEO of Circle, and Fundstrat head Tom Lee. He runs his own podcast The Scoop and writes a biweekly eponymous newsletter. He leads special projects, including The Block's flagship podcast, The Scoop. Prior to The Block, he held roles at Business Insider, NPR, and Nasdaq. For inquiries or tips, email [email protected].


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