Brevan Howard Crypto Fund Plunges 30% in Worst Year

Edgen Crypto

·Feb 18 2026, 13:36

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Key Takeaways

Brevan Howard's flagship crypto fund, BH Digital Asset, suffered its worst annual performance since its 2021 launch, highlighting the risks of actively managed strategies in a volatile market. The fund's heavy losses starkly contrast with its strong gains in prior years and significantly lagged Bitcoin's more modest decline.

Brevan Howard's BH Digital Asset fund lost 29.5% of its value during the 2025 calendar year.
The fund significantly underperformed Bitcoin, which registered a comparatively smaller loss of 6% over the same period.
This marks a sharp reversal from previous gains of 43% in 2023 and 52% in 2024, signaling a strategic misstep as the market faltered.

Fund's 29.5% Loss Lags Bitcoin's 6% Decline

Brevan Howard's institutional cryptocurrency fund, BH Digital Asset, recorded a staggering 29.5% loss in 2025, marking its most challenging year since its inception in 2021. The performance, reported by the Financial Times on February 18, 2026, demonstrates a significant underperformance against the broader market. During the same period, Bitcoin (BTC) experienced a more contained decline of 6%, exposing the fund's vulnerability to the faltering bull market.

Strategy Misfires After 52% Gain in 2024

The 2025 downturn represents a dramatic reversal of fortune for BH Digital Asset, which had previously delivered impressive returns. The fund posted gains of 43% in 2023 and 52% in 2024, benefiting from a market that saw Bitcoin's price exceed $100,000 in December 2024. According to investors cited in the report, the fund’s strategy, which includes exposure to private equity and venture capital instruments within the digital asset space, likely contributed to its severe underperformance in what was described as a "terrible for crypto" year.