BH Digital Fund Suffers 29.5% Loss in 2025 Amid Bitcoin Decline
Brevan Howard’s BH Digital Asset Fund faced its steepest drop since inception, struggling with a weak crypto market and underperforming private equity positions despite prior years’ strong gains.
BTC
Fact Check
Multiple high-authority, highly relevant primary sources confirm that Brevan Howard's crypto fund (BH Digital Asset Fund) experienced a loss in the range of 29.5% to roughly 30% in 2025. One detailed report explicitly states a 29.5% loss figure, while another cites an approximate slump of about 30%, both linking this downturn to a broader decline in cryptocurrency markets, including Bitcoin. These accounts describe Bitcoin falling around 6% over the year and attribute the fund's negative performance partly to this decline. The statements are consistent across independent credible sources and there is no contradictory evidence. Given the close match between the reported figures and the statement, and the clear temporal and causal association with Bitcoin's price decline, the claim is highly probable.
Summary
Brevan Howard’s BH Digital Asset Fund recorded a 29.5% loss in 2025, its worst annual performance since launching in 2021. The downturn followed strong gains of 43% in 2023 and 52% in 2024. Bitcoin declined 6% during the same year, while the fund’s substantial private equity holdings underperformed. The weak crypto market and stalled Bitcoin bull run contributed to the setback.
Terms & Concepts
- Cryptocurrency Investment Fund: A professionally managed pool of capital that invests in cryptocurrencies and blockchain-related assets.
- Bitcoin: The first decentralized cryptocurrency, operating on a peer-to-peer blockchain network, used as both digital currency and store of value.