Brevan Howard crypto fund posts record 29.5% loss in 2025

Brevan Howard’s BH Digital Asset Fund lost 29.5% in 2025, underperforming bitcoin and the market after two strong years, highlighting crypto volatility.

Brevan Howard’s BH Digital Asset Fund faced a major setback in 2025, posting a 29.5% loss—its sharpest annual decline since launching in 2021. This came after two years of impressive gains: 43% in 2023 and 52% in 2024, as the crypto market surged and bitcoin surpassed $100,000. Despite its previous success, the fund underperformed both bitcoin and the broader crypto market in 2025, with bitcoin itself dropping only 6%. The fund’s losses were linked to a faltering bitcoin rally, increased market volatility, and disruptions in technology stocks, especially those tied to artificial intelligence. This significant downturn has led investors to reconsider risk management and reporting practices, underscoring the challenges and volatility that remain inherent in institutional digital asset strategies.