Crypto fund Brevan Howard Digital returns 34.5% in Q1: report
Quick Take
- Brevan Howard Digital, a subsidiary of the hedge fund manager Brevan Howard, had returns of 34.5% in the first quarter of this year, Bloomberg reports.
- Brevan Howard Digital’s increase comes as the macro crypto market trends downward.
Brevan Howard Digital, a subsidiary of hedge fund manager Brevan Howard, had returns of 34.5% in the first quarter of 2024, reports Bloomberg citing people familiar with the matter.
BH Digital gained 44% in 2023 and has increased a total of 51% since it started trading in March 2022, Bloomberg adds. It lost money in 2022, the year of the crypto bear market that was spurred in part by the collapse of the Terra-Luna stablecoin ecosystem.
BH Digital currently has $1.7 billion in assets under management.
In early April, BH Digital, along with Mike Novogratz's Galaxy Digital, invested $20 million in commitments in the crypto accelerator Alliance Fund III. The fund aims to invest $500,000 per startup and accrue $80 million in further funding by July to cap at $100 million, The Block previously reported.
BH Digital
Brevan Howard formed BH Digital in September 2021 to provide digital asset exposure across investing and business operations in public and private markets, according to the firm's website.
"Our belief in the huge diversity of opportunities within the digital asset space and the significance of this to long term investors is the reason we are delighted to launch BH Digital," the firm's CEO Aron Landy said at the time.
BH Digital's revealed fund increase comes as major cryptocurrencies largely trended downward in the past month.
Bitcoin, the biggest cryptocurrency by market capitalization, has dropped 4.7% over the past 30 days. The second largest token by market capitalization ether fell 13.38% within the same time frame, according to The Block's cryptocurrency price page.
Not all tokens saw losses in March, however. Solana, darling for blockchain payments and memecoins alike, rose 14.73% and Binance's token BNB rose 13.99% in the past month. Solana in particular reached its highest ever market capitalization at $81.1 billion on March 14, thanks in part to popular memecoins taking off, and also reached an all-time record of daily new addresses of over 690,000.
Update (Apr. 10, 19:51 UTC): Clarified that BH Digital's strategy saw returns of 34.5% in the first quarter of 2024 and that its current assets under management are $1.7 billion.
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