- Brevan Howard Digital, a division of hedge fund manager Brevan Howard, recorded gains of 34.5%.
- The rise in Brevan Howard Digital coincides with a decline in the overall cryptocurrency market.
Brevan Howard Digital, a division of hedge fund manager Brevan Howard, saw returns of 34.5% in the first quarter of 2024.
BH Digital rose by 44% in 2023 and by 51% overall since it began trading in March 2022. In 2022, it suffered financial losses during the crypto bear market, which was partly caused by the demise of the Terra-Luna stablecoin ecosystem.
At the moment, BH Digital is managing assets worth $1.7 billion.
Mike Novogratz’s Galaxy Digital and BH Digital committed $20 million to the Alliance Fund III, a cryptocurrency accelerator, at the beginning of April. The fund intends to invest $500,000 in each business and raise an additional $80 million in capital by July, with a limit of $100 million.
According to the company website, Brevan Howard founded BH Digital in September 2021 to offer digital asset exposure across investing and commercial operations in public and private marketplaces.
The CEO of the business, Aron Landy, stated at the time, “We are delighted to launch BH Digital because we believe in the huge diversity of opportunities within the digital asset space and the significance of this to long term investors.”
The disclosure of BH Digital’s fund increase coincides with the majority of major cryptocurrencies’ recent negative trend.
In the last 30 days, the value of Bitcoin, the largest cryptocurrency by market capitalization, has decreased by 4.7%. During the same period, the value of ether, the second-largest token by market capitalization, dropped 13.38%.
March did not see losses for all tokens, though. In the last month, Solana—a popular cryptocurrency for memecoins and blockchain payments—rose 14.83%, while BNB, the token of Binance, increased 13.89%.
With the rise of popular memecoins, Solana’s market capitalization reached an all-time high of $81.2 billion on March 14. The platform also set a record for the number of new addresses added every day, with over 690,000.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
