Brevan Howard Asset Management, a hedge fund giant with over $20 billion in assets under management, has launched the “largest” crypto hedge fund to date, four people familiar with the matter told Blockworks. 

BH Digital, the crypto trading arm that oversees the fund, has raised over $1 billion from institutional investors. The arm aims to help sovereign wealth funds, pension funds, foundations and endowments gain exposure to crypto.

Another source said that even as the collapse of crypto lending platforms (such as Terra stablecoin UST, Celsius, and Voyager) plunged the market into a downturn, the fund’s early performance has beaten rivals, losing just 4% to 5% from its inception to the end of June.

The fund remains open to outside capital, and its limited partners include some of the world’s largest and most sophisticated hedge fund investors, the source added.