The blockchain incubator backed by Alan Howard shuts down after supporting multiple startups, while Brevan Howard trims Bitcoin ETF holdings but continues digital asset investments.
WebN Group, a blockchain and Web3 incubator funded by billionaire Alan Howard and supported by Japanese bank Nomura’s crypto arm Laser Digital, is closing after investing in firms including tokenization specialist KAIO, staking provider Twinstake, blockchain infrastructure company TruFin, and zero-knowledge proofs startup Geometry. Some staff moved to Brevan Howard, Howard’s hedge fund, which remains optimistic about blockchain's role in traditional markets. Despite a challenging 2024 with a nearly 30% loss in its digital asset fund, Brevan Howard retains a large venture capital presence in crypto. It cut iShares Bitcoin Trust holdings by approximately 85%, spun out the Nova hedge fund led by Kevin Hu, and saw the departure of BH Digital CEO Gautam Sharma. Separately, GD Culture Group will sell part of its 7,500 BTC holdings, worth about $497 million, to fund a stock repurchase, despite an unrealized loss of $344 million.