Key Takeaways
- • Brevan Howard's digital-asset fund reportedly lost approximately 29.5% in 2025, reversing substantial gains recorded in 2023 and 2024.
- • The firm's crypto chief investment officer, Chris Rayner-Cook, a former Coinbase executive, is leading a turnaround that broadens the universe beyond cryptocurrency tokens into blockchain applications, public companies, and late-stage private businesses.
- • Brevan Howard hired Omar Kanji to lead growth investments and Jason Li to manage digital-asset-related equities.
- • The firm expects its universe of qualifying publicly traded companies to more than double over the following 18 months.
- • The stablecoin-focused strategy reportedly delivered stronger results in 2026, according to the article.
Summary
Brevan Howard, the macro-focused hedge fund manager, is working to strengthen its cryptocurrency investment strategy after a difficult stretch. The firm's crypto chief investment officer is outlining a turnaround plan intended to improve performance, restore confidence, and position the business to compete in an increasingly competitive digital asset market. The effort comes as institutional investors continue to reassess their cryptocurrency exposure, with volatile prices and shifting market conditions making consistent returns difficult to achieve.
A central element of the plan is a reassessment of investment decisions, identification of weaknesses, and refinement of risk management. The article notes that crypto markets trade around the clock and can experience sharp price moves, requiring managers to combine market expertise with effective risk controls. A successful strategy must account for liquidity, leverage, shifts in investor sentiment, and changing correlations between digital assets and traditional markets. The plan also emphasizes preparing for extended downturns rather than relying solely on bullish expectations.
The turnaround also broadens the investment universe. Under Chris Rayner-Cook, BH Digital is placing greater emphasis on blockchain applications, publicly traded companies, and late-stage private businesses tied to digital assets. The article cites growing involvement by established companies in stablecoins and tokenization, with Visa, Mastercard, and PayPal among firms developing stablecoin-related services. To support the shift, Brevan Howard has hired Omar Kanji to lead growth investments and Jason Li to manage digital-asset-related equities.
The turnaround follows a difficult 2025, when the flagship digital-asset fund reportedly lost approximately 29.5%, reversing gains recorded in 2023 and 2024. The firm's stablecoin-focused strategy is reportedly delivering stronger results in 2026, which could reduce dependence on broad cryptocurrency market movements. The article concludes that recovery will depend on execution, disciplined risk management, and the ability to identify investments with sustainable growth potential.
A central element of the plan is a reassessment of investment decisions, identification of weaknesses, and refinement of risk management. The article notes that crypto markets trade around the clock and can experience sharp price moves, requiring managers to combine market expertise with effective risk controls. A successful strategy must account for liquidity, leverage, shifts in investor sentiment, and changing correlations between digital assets and traditional markets. The plan also emphasizes preparing for extended downturns rather than relying solely on bullish expectations.
The turnaround also broadens the investment universe. Under Chris Rayner-Cook, BH Digital is placing greater emphasis on blockchain applications, publicly traded companies, and late-stage private businesses tied to digital assets. The article cites growing involvement by established companies in stablecoins and tokenization, with Visa, Mastercard, and PayPal among firms developing stablecoin-related services. To support the shift, Brevan Howard has hired Omar Kanji to lead growth investments and Jason Li to manage digital-asset-related equities.
The turnaround follows a difficult 2025, when the flagship digital-asset fund reportedly lost approximately 29.5%, reversing gains recorded in 2023 and 2024. The firm's stablecoin-focused strategy is reportedly delivering stronger results in 2026, which could reduce dependence on broad cryptocurrency market movements. The article concludes that recovery will depend on execution, disciplined risk management, and the ability to identify investments with sustainable growth potential.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.