- Brevan Howard is starting a unit dedicated to cryptocurrencies and digital assets.
- The BH Digital unit will focus on private and venture investment activities in the sector.
- Brevan Howard began investing in cryptocurrencies this year as the market has expanded into a valuation of $2 trillion.
- See more stories on Insider’s business page.
Brevan Howard, one of the world’s largest hedge funds, is extending its reach into the cryptocurrency sector by starting a new dedicated unit, according to reports Monday, highlighting moves by traditional financial management companies to gain exposure to the quickly growing market.
The company has created BH Digital, a unit that will manage cryptos and digital assets, according to separate reports from Reuters and Financial Times. Monday’s report. Colleen Sullivan will be in charge of the division, overseeing the fund’s private and venture investment activities in the sector. Sullivan is the chief executive and co-founder of CMT Digital, a specialist cryptocurrency and blockchain technology firm.
Brevan Howard earlier this year set out to begin buying cryptocurrencies after managers decided the market had matured enough to begin investing for its clients, according to a person familiar with the matter told Insider in April. The firm said it would invest in cryptocurrencies through its main Master fund and it created a specialist vehicle for digital assets, according to the FT.
Brevan Howard is among big financial firms reaching for crypto-based business, with the market this year surpassing $2 trillion in valuation, led by bitcoin and the rise of other tokens including ether, cardano ada and tether. Goldman Sachs, Standard Chartered and Bank of New York Mellon are among the world’s biggest banks investing in cryptocurrency and blockchain technology and projects.