Brevan Howard Digital, a subsidiary under the umbrella of hedge fund manager Brevan Howard, saw a notable surge of 34.5% to $1.7 billion in the initial quarter of 2024, as indicated by sources familiar with the matter reported by Bloomberg.
According to Bloomberg, BH Digital experienced a remarkable 44% growth in 2023 and has witnessed a cumulative increase of 51% since its inception in March 2022. It faced losses in 2022, coinciding with the crypto downturn instigated partly by the collapse of the Terra-Luna stablecoin ecosystem.
In early April, BH Digital, alongside Mike Novogratz’s Galaxy Digital, committed $20 million to the crypto accelerator Alliance Fund III. As per previous reports by The Block, the fund aims to allocate $500,000 per startup and secure an additional $80 million in funding by July, capping at $100 million.
Brevan Howard established BH Digital in September 2021 with the objective of offering exposure to digital assets across various investment avenues and business operations in both public and private markets, as outlined on the firm’s website.
CEO Aron Landy expressed enthusiasm about BH Digital’s mission, stating, “Our belief in the vast array of opportunities within the digital asset space and its significance for long-term investors is why we are thrilled to introduce BH Digital.”
The disclosed increase in BH Digital’s fund arrives amidst a general downward trend observed in major cryptocurrencies over the past month.
Bitcoin, the largest cryptocurrency by market capitalization, experienced a decline of 4.7% within the last 30 days. Similarly, the second-largest token by market capitalization, ether, recorded a 13.38% drop within the same timeframe, according to The Block’s cryptocurrency price data.
Despite the overall downturn, certain tokens defied the trend in March. Solana, recognized for its utility in blockchain payments and meme coins, surged by 14.73%, while Binance’s token BNB increased by 13.99% over the past month. Solana notably achieved its highest market capitalization ever at $81.1 billion on March 14, partly attributed to the soaring popularity of meme coins and an all-time high of daily new addresses surpassing 690,000.
