Brevan Howard’s Crypto Fund Endures Worst Year Since Launch, Down 29.5% in 2025

Record Losses Follow Historic Gains

Brevan Howard’s BH Digital Asset fund endured its worst year since launch, slumping nearly 30% in 2025 as a brutal downturn in digital assets hit one of the hedge fund industry’s most high‑profile entrants into crypto. The fund, backed by billionaire co‑founder Alan Howard, fell 29.5% last year after strong gains of 43% in 2023 and 52% in 2024.

According to Financial Times, at the start of 2025, Brevan Howard’s digital assets unit managed $2.4 billion, most of it concentrated in the fund. The decline reflected steep losses across crypto markets, compounded by technology stocks under pressure from artificial intelligence (AI)‑driven disruption. Bitcoin, which tapped an all-time high of just over $126,000 in October, slipped 6% over the year.

Brevan Howard’s performance was symptomatic of a broader institutional malaise. According to industry benchmarks, a significant cohort of crypto hedge funds faltered throughout 2025, with many sustaining double-digit drawdowns as risk appetite evaporated and liquidity depth collapsed across digital asset markets.

AIMA’s Annual Global Crypto Hedge Fund Report highlighted a growing paradox: while over 50% of traditional funds now maintain digital asset exposure, the sector faced a stark performance divergence. Venture-heavy strategies, in particular, proved ill-equipped to handle the year’s systemic volatility, bearing the brunt of the market’s aggressive deleveraging.

Leadership changes seemingly added to the turbulence at BH Digital Asset. Gautam Sharma, chief executive and chief investment officer, departed in 2025 and was replaced by Chris Rayner‑Cook, formerly head of trading and financing at Coinbase. Despite setbacks, the fund continued to participate in venture rounds, backing firms such as Superstate, which tokenizes traditional assets and TRM Labs, which tracks illicit blockchain activity.

Brevan Howard’s other strategies fared better, though modestly. Its Master fund gained less than 1% in 2025 but rebounded strongly in January, returning more than 4%. The contrast underscores how crypto‑focused funds across the industry — not just Brevan Howard — faced outsized risks last year, while diversified strategies proved more resilient.

FAQ ❓

• How did Brevan Howard’s BH Digital Asset fund perform in 2025? It slumped 29.5%, its worst annual decline since launching in 2021.
• What drove the losses? Crypto markets fell alongside tech stocks hit by AI disruption, with bitcoin down 6% for the year.
• Were other funds affected globally? Yes, many crypto hedge funds posted double‑digit drawdowns as liquidity collapsed and risk appetite evaporated.
• What changes occurred at Brevan Howard? CEO Gautam Sharma exited in 2025, replaced by ex‑Coinbase executive Chris Rayner‑Cook.