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Brevan Howard offered $25 million 'refund right' for its Berachain investment: Unchained
Brevan Howard’s venture capital bet on Berachain allegedly came with near-zero risk, according to a new report by Jack Kubinec, writing for Unchained. Documents published on Monday show that Berachain granted Nova Digital — a crypto-focused Brevan subsidiary — a year-long refund right on its $25 million Series B investment. In other words, Brevan could potentially recoup its investment in Berachain’s Feb. 6 token generation event after co-leading the project’s $69 million funding round at a $1.5 billion valuation. The firm reportedly has until Feb. 6, 2026, to exercise this right. "The refund clause means ... (full story)