Brevan Howard Asset Management is preparing to start investing in digital assets, according to Bloomberg. The firm, led by Aron Landy, will begin by investing up to 1.5% of its $5.6 billion main hedge fund in digital assets.
The move is the latest signal that cryptocurrencies are becoming mainstream as more funds bet on digital assets.
Brevan Howard’s fund will bet on the rising values of digital assets and will focus on a wide range beyond bitcoin.
Brevan Howard is not new to digital assets as co-founder Alan Howard invests his personal money into cryptocurrencies.
The fund recently acquired a 25% stake in One River Asset Management, a $2.5 billion firm whose crypto funds are backed by Howard.
Brevan Howard had been developing its digital trading technologies and assessing the sector’s suitability for investors for the last few years.
The initial allocation into digital assets will be overseen by Johnny Steindorff and Tucker Waterman, the co-founders of crypto investment firm Distributed Global.
The firm’s main fund is run by a group of traders including Howard himself and gained 27.4% last year, its best annual return since 2003.
