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Berachain Privacy Policy Disclosure: Brevan Howard's $25 million investment is refundable after TGE, with other investors unaware of this
BlockBeats News, November 25th, according to unchainedcrypto, Berachain granted one of its Series B funding lead investors, Brevan Howard, the right to "risklessly reclaim the investment amount post-TGE" without the knowledge of other investors.
It is reported that Berachain has raised a total of at least $142 million, with its token reaching a valuation of $1.5 billion in the last funding round. The funding round was co-led by Framework Ventures and Nova Digital Fund, a $340 billion hedge fund under Brevan Howard's crypto arm.
A former employee, who requested anonymity, recalled that Berachain's co-founder, known as "Papa Bear," had emphasized that Brevan's participation could enhance the project's legitimacy. However, the terms of the Series B funding were particularly generous to Brevan's Nova Digital Fund.
According to documents, Berachain granted the fund the right to reclaim its $25 million Series B investment within a year after the token generation event on February 6, 2025. This clause implies that unlike traditional venture capital, Brevan's fund bears zero risk on its principal: if the BERA token performs well, the fund can enjoy the returns; if it performs poorly, the fund can demand a full refund.
Four lawyers specializing in the cryptocurrency field stated that granting investors the right to a refund post-TGE is extremely rare. Two of the lawyers pointed out that even in token financing, refund rights are usually triggered only when the project fails to issue tokens.
If Nova Digital exercises the refund right (the current token price has dropped by about 66% from the $3 investment price, exercising the right makes financial sense), it may force Berachain to raise $25 million in cash to repay its in-house investors. According to project documents, the tokens purchased by Berachain investors have a one-year lock-up period, so if Nova exercises the refund right, it may forfeit the BERA allocation.
It is currently unclear whether Nova Fund's refund right is legal—especially since other investors were not informed of this clause. The deadline for Nova Digital to exercise the refund right is February 6, 2026.
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