Brevan Howard’s Crypto Fund Rises 35% as Macro Trading Dips

Brevan Howard Asset Management’s cryptocurrency fund is currently a bright spot for the hedge fund firm, which lost money on macro trades this year.

BH Digital, which manages around $1.7 billion of assets, returned 34.5% in the first quarter of this year, according to people familiar with the matter. That brings total gains since the fund started trading in March 2022 to nearly 51%, one of the people said.

A representative for Brevan Howard, which manages around $35 billion of assets, declined to comment.

Performance has been buoyed by the meteoric rise in cryptocurrency values, with Bitcoin up by around ...