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.

BH Digital gained 44% in 2023 and has increased a total of 51% since it started trading in March 2022, Bloomberg adds. It lost money in 2022, the year of the crypto bear market that was spurred in part by the collapse of the Terra-Luna stablecoin ecosystem.

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.

BH Digital

Brevan Howard formed BH …