Brevan Howard Digital

Brevan Howard Digital ("BH Digital") is the dedicated crypto and digital asset division of Brevan Howard, an alternative investment management platform founded in 2002 that specialises in global macro and digital assets. The unit launched in September 2021 and was built to give institutional investors access to opportunities arising from blockchain technology, pairing Brevan Howard's institutional governance, controls and risk management with staff native to crypto markets across investing and business operations.

The division invests across liquid digital assets such as Bitcoin, options and derivatives, and private stakes in startups, and also manages sleeves of capital for Brevan Howard's larger multi-strategy funds, including the $12 billion master fund. Its flagship product is a multi-manager crypto fund, with additional institutional products under development as of early 2025. Reported portfolio companies include Halborn, PolySign, Messari, Safe, TRM Labs, Republic and O(1) Labs. In 2023 Brevan Howard acquired the Nova Digital Master Opportunities Fund Limited from crypto venture firm Dragonfly; that fund was reported in November 2025 to be in the process of being spun out from Brevan Howard because of differences in risk tolerance and strategy.

The unit is led by CEO and CIO Gautam Sharma, who oversaw the buildout of the digital assets business alongside Natalie Smith, the firm's head of strategy and client partnership group and a co-founder of BH Digital. Named staff also include CTO Lewis Tuff, COO Adam Gibbons and Peter Johnson as Co-Head of Venture. Parent Brevan Howard is led by CEO Aron Landy and was founded by Alan Howard, who began investing personal capital in digital assets in 2016.

Founding story

Brevan Howard founder Alan Howard had followed digital assets for close to a decade and began investing his personal capital in the sector in 2016. His interest led the firm to establish a dedicated unit, whose buildout was overseen by Gautam Sharma, previously responsible for internal projects at the hedge fund, together with Natalie Smith, the firm's head of strategy and client partnership group; the unit launched in September 2021.

Business model

BH Digital operates as an asset management division of Brevan Howard, managing digital-asset funds and mandates for institutional investors including sovereign wealth funds, pension plans, foundations and endowments, and managing digital-asset capital sleeves within Brevan Howard's multi-strategy funds. It also makes venture investments in crypto and blockchain companies and tokens.

Traction

As of March 2025 the stand-alone crypto unit managed approximately $2.5 billion and returned over 52% in the prior year, with a team of more than 60 people. Its venture activity includes leading Berachain's $100 million Series B in April 2024.

Latest developments

In March 2025 executives described work on additional institutional digital-asset products alongside the flagship multi-manager crypto fund. In November 2025, reporting on Berachain's Series B disclosed that the Nova Digital fund had been granted a refund right on its $25 million investment and that Nova Digital was being spun out from Brevan Howard.