On February 18, BH Digital Asset, a cryptocurrency fund under the renowned asset management firm Brevan Howard, experienced a 29.5% decline in 2025, marking its worst annual performance since its inception in 2021. According to BlockBeats, the fund's performance was notably pressured as the momentum of the Bitcoin bull market weakened, underperforming Bitcoin itself, which saw a 6% drop throughout 2025.
BH Digital Asset primarily invests in crypto tokens and companies related to digital assets. During the market recovery phase, the fund achieved annual gains of 43% and 52% in 2023 and 2024, respectively, with Bitcoin briefly surpassing $100,000 in December 2024.
Hedge fund investors have pointed out that the fund holds a significant amount of private equity and venture capital assets, which struggled amid the overall weak crypto market environment in 2025. Brevan Howard has not publicly responded to the reports.