Brevan Howard Asset Management is strengthening its digital asset ambitions with the hire of David Kalk, a former trader at Peter Thiel’s family office, to manage a new portfolio within its $1bn BH Digital Multi-Strategy Fund, according to a report by Bloomberg.

The report cites unnamed sources familiar with the matter as revealing that Kalk, who most recently served as CIO of Reflexive Capital – a digital asset hedge fund he co-founded in 2023 – will join Brevan Howard on 1 September. He previously spent eight years at Thiel’s family office and began his career on Goldman Sachs’ interest-rate derivatives desk.

At Brevan, Kalk will run a dedicated book focused on digital assets, mirroring the strategies he deployed at Reflexive. Two Reflexive colleagues, including senior trader Itai Anter, will accompany joint him at Brevan Howard, with the firm also planning to set up a side vehicle to accommodate Reflexive’s legacy investors, though it will not accept new capital.

Kalk will be based on the West Coast, where he was previously located during his time at Reflexive and Thiel’s family office.

The hire underscores Brevan Howard’s continued expansion in crypto, following the 2021 launch of BH Digital, its dedicated digital assets division. Now managing over $1bn, the BH Digital fund is backed by more than 60 professionals and at least 10 portfolio managers, according to the firm’s website.

The fund’s strategy spans liquid cryptocurrencies, relative-value trades, and venture capital-style opportunities. It posted a 51.3% return in 2024, riding a broader digital asset market rebound catalysed by Donald Trump’s crypto-friendly election platform.