Hedge fund billionaire Alan Howard is still backing crypto startups

Hedge fund billionaire Alan Howard is still backing crypto startups

British billionaire Alan Howard is among the crypto investors who are not backing down amid the recent turmoil.

The 58-year-old hedge manager is still investing in the space. In mid-June, Howard participated in a $10.3 million pre-seed round for Crypto Brand Studio ScienceMagic.Studios especially after the collapse of Terra.

He also participated in play-to-earn metaverse startup Atmos Labs' $11 million seed round, which ended around the same time - as crypto lenders caused contagion across the market.

Howard has already funded 13 crypto-related projects in 2022, although most came before the crypto markets tanked. He has supported around 40 cryptocurrency projects in total, 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 been investing his personal fortune in digital assets for several years. His first known investment was in a European online broker nextmarkets in 2016.

The Wall Street Journal reported in March that Howard personally purchased cryptocurrencies to protect himself from inflation, but it is not clear which asset or how much of it he purchased.

It now appears that he wants to operate in every sub-segment of the crypto industry. Forbes Values Howard's personal fortune at $3.2 billion.

The Financial Times reported on Friday that the top names in its crypto portfolio are trading software company Elwood, startup incubator WebN Group and Coremont, an operational services platform spun out of Brevan Howard.

Some of Howard's investments from the last year include crypto exchange Bullish, fintech company Bottlepay, custody startup Komainu and privacy blockchain startup Iron Fish - showing the diversification of his investments.

Alan Howard's company makes 'massive' crypto push

A crypto executive who worked with Howard told the FT the billionaire had a 10- to 15-year vision and that he jumped into the sector when everyone was running out during the 2018 crypto crash.

He is also said to be actively involved in Brevan Howard's $1 billion crypto vehicle, the BH Digital Multi-Strategy Fund, which invests in liquid crypto assets 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 the latest figures, the company recently managed total assets of $23 billion.

Howard, former CEO of Brevan Howard, took a back seat at the fund when he handed the reins to Chief Risk Officer Aron Landy in 2019. Howard still controls the company overall.

The recent market downturn has deterred several investors, but long-term players are generally unfazed by such declines. Chris McCann, partner at Race Capital and early FTX supporter, told Blockworks that the worst times are usually the best for venture investing.

Representatives for Brevan Howard did not respond to Blockworks' request for comment by press time.

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The post Hedge Fund Billionaire Alan Howard Still Backs Crypto Startups is not financial advice.