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Monday Nov 24 2025 23:30
2 min
According to a report by The Block, Brevan Howard's venture capital investment in Berachain appears to be structured with a near "risk-free" approach. The report, penned by Jack Kubinec, reveals that Nova Digital, Brevan Howard's crypto investment subsidiary, was granted a unique right: a one-year refund guarantee on its $25 million investment in Berachain's Series B funding round.
The report indicates that while Brevan Howard co-led a $69 million funding round for Berachain, valuing the project at $1.5 billion, it retains the option to recoup its entire initial investment after the token generation event on February 6th. This refund right extends until February 6, 2026.
Kubinec notes, "Such refund terms effectively de-risk Brevan's principal, a stark departure from the traditional venture capital model. If Berachain's BERA token performs exceptionally well, the fund stands to gain excess returns; if the token underperforms, the fund can exercise its refund right."
The BERA token is currently trading around $1, approximately 67% lower than Brevan Howard's investment cost basis of $3. According to The Block's data platform, the fully diluted valuation of the token is currently $536.7 million.
The Series B funding round was led by Framework Ventures, with participation from Arrington Capital, Hack VC, Polychain, and Tribe Capital. It remains unclear whether these other investors also have access to similar refund rights.
Berachain also completed a $42 million Series A funding round in 2023.
This arrangement raises questions about the equitable treatment of investors in venture capital deals and how such preferential terms can impact market dynamics and project performance.
Risk Warning: This article is provided for informational purposes only and does not constitute investment advice, investment research, or a recommendation to trade. The views expressed are those of the author and do not necessarily reflect the position of Markets.com. When considering shares, indices, forex (foreign exchange), and commodities for trading and price predictions, remember that trading CFDs involves a significant degree of risk and may not be suitable for all investors. Leveraged products can result in capital loss. Past performance is not indicative of future results. Before trading, ensure you fully understand the risks involved and consider your investment objectives and level of experience. Cryptocurrency CFD trading restrictions may apply depending on jurisdiction.
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