According to a recent report, BH Digital, a cryptocurrency-focused subsidiary of Brevan Howard Asset Management, has raised $1 billion in the capital, a portion of which it has yet to allocate to the market.
BH Digital, a Brevan Howard Asset Management subsidiary, purportedly garnered $1 billion from institutional investors for its crypto strategies and is still investing.
Brevan Howard Asset Management, a European hedge fund manager with over $23 billion in assets under management, has secured over $1 billion from institutional investors for its cryptocurrency-focused vehicle, BH Digital.
BH Digital, founded in September 2021, has not yet wholly committed all of its money; according to a source, this is due to a liquidity shortage. BH Digital can now deploy up to $1.5 billion due to the most significant funding round in the history of cryptocurrencies, with the figure set to climb. The fund is open to further contributions; the minimum investment commitment is $5 million.
The fund lost just 4-5 percent from its inception till June, despite the market’s recent severe decline (Bitcoin and Ethereum are trading at 67.3 percent and 67.2 percent from their all-time highs.)
The announcement of the large fundraising comes after months of instability that saw Terra, one of crypto’s leading protocols, crumble and directly wipe away more than $43 billion from the market; the event was responsible for significant losses for investment firms, including crypto fund Three Arrows Capital, whose solvency issues, in turn, created liquidity concerns for several crypto lending businesses such as Celsius and Voyager Digital.
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