Brevan Howard Digital, a subsidiary of hedge fund manager Brevan Howard, rose 34.5% to $1.7 billion in the first quarter of 2024, reports Bloomberg citing people familiar with the matter.
In early April, BH Digital, along with Mike Novogratz's Galaxy Digital, invested $20 million in commitments in the crypto accelerator Alliance Fund III. The fund aims to invest $500,000 per startup and accrue $80 million in further funding by July to cap at $100 million, The Block previously reported.Brevan Howard formed BH Digital in September 2021 to provide digital asset exposure across investing and business operations in public and private markets, according to the firm's website.
BH Digital's revealed fund increase comes as major cryptocurrencies largely trended downward in the past month.