Hedge Fund Billionaire Alan Howard is Still Backing Crypto Startups

British hedge fund manager Alan Howard has personally invested in about 40 cryptocurrency companies so far, including FTX and Polygon

article-image

Source: Shutterstock

share

key takeaways

  • Howard is reportedly working with a horizon of 10 to 15 years with regard to the crypto industry
  • His latest investments were a crypto brand studio and a ‘play-to-earn’ metaverse startup

British billionaire Alan Howard is among crypto investors who aren’t backing down throughout the recent turmoil. 

The 58-year-old hedge manager is still investing in the space. In mid-June, Howard took part in a $10.3 million pre-seed round for crypto brand studio ScienceMagic.Studios, notably after Terra collapsed.

He also participated in ‘play-to-earn’ metaverse startup Atmos Labs’ $11 million seed round, which closed around the same time — when crypto lenders were causing contagion across the market.

Howard has already funded 13 crypto-related projects so far in 2022, although most were before crypto markets tanked. He’s backed about 40 cryptocurrency projects overall, including exchanges FTX and Bitpanda, Polygon, Ledn and Block.one, Crunchbase data shows.

The billionaire, whose hedge fund firm Brevan Howard began trading cryptocurrencies last year, has invested his personal wealth into digital assets for several years. His first known investment was in European online broker nextmarkets in 2016.

The Wall Street Journal reported in March that Howard personally bought cryptocurrencies to protect against inflation, but it isn’t clear which asset or how much of it he bought.

It now appears that he wants to be involved in every sub-segment of the crypto industry. Forbes values Howard’s personal wealth at $3.2 billion.

The Financial Times reported Friday that key names in his crypto portfolio are trading-software firm Elwood, startup incubator WebN Group and Coremont, an operational services platform spun out of Brevan Howard.

Some of Howard’s investments from last year include crypto exchange Bullish, fintech firm Bottlepay, custody startup Komainu and privacy blockchain startup Iron Fish — showing diversification in his investments.

Alan Howard’s firm making ‘massive’ crypto push

One crypto executive who worked with Howard told the FT the billionaire has a 10- to 15-year vision, and that he piled into the sector when everyone ran out during the 2018 crypto crash.

He’s also said to have active participation with Brevan Howard’s $1 billion crypto vehicle, the BH Digital Multi-Strategy Fund, which invests in liquid cryptoassets and takes stakes in private blockchain companies.

A source told Blockworks earlier this year that Brevan was making an “absolutely massive push into crypto.” According to latest figures, the firm last managed total assets worth $23 billion.

Howard, formerly Brevan Howard’s CEO, began to take more of a backseat at the fund when he handed over the reins to chief risk officer Aron Landy in 2019. Howard still controls the firm overall. 

The recent market downturn has put off several investors, but long-term players are generally unfazed by such slumps. Chris McCann, a partner at Race Capital and early FTX backer, told Blockworks that the worst times are typically the best for venture investments.

Representatives for Brevan Howard didn’t respond to Blockworks’ request for comment by press time.


Don’t miss the next big story – join our free daily newsletter.

Tags

Upcoming Events

Hilton Metropole | 225 Edgware Rd, London

Mon - Wed, March 18 - 20, 2024

Crypto’s premier institutional conference returns to London in March 2024. The DAS: London Experience: Attend expert-led panel discussions and fireside chats Hear the latest developments regarding the crypto and digital asset regulatory environment directly from policymakers and experts.

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research

Top Icon.png

Research

Osmosis thrived in H2 2023 on the back of increased DeFi activity deriving from recently launched Cosmos-related projects and better market conditions. With new value accrual mechanisms for the native token, Osmosis is well-positioned to continue its strong performance in 2024.

/

article-image

Freedom Tool will enable citizens to organize anonymous elections in a trustless way

article-image

“There is plenty of space for more than one institutional crypto offering,” Kraken exec says

article-image

Individual cryptocurrencies may well jump in value during the next bull run, but the market overall has pumped less and less every time

article-image

After seeing record trading volumes Monday, IBIT trade volumes soar again as bitcoin price rally continues

article-image

Get over it. Of course Bitcoin will survive. The real question: Which miners will thrive?

article-image

Do Kwon may miss the start of the March 25 trial in the SEC’s case against the former executive and Terraform Labs