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Brevan Howard’s crypto fund slumped 30 per cent in 2025, as a downturn in digital assets stung one of the hedge fund industry’s highest-profile participants in the sector.

The BH Digital Asset fund, which bets on digital currencies but also makes venture capital investments in the digital assets sector, fell 29.5 per cent last year, its worst annual decline since its launch in 2021, according to people familiar with the fund’s performance.

The fund was launched with backing from Alan Howard, Brevan Howard’s notoriously private billionaire co-founder who was an early adopter and champion of digital assets. Bevan…