**[Unchained: Brevan Howard’s $25 Million Investment in Berachain Includes a “Refund Clause”]** According to The Block, Unchained columnist Jack Kubinec revealed in his latest report that Brevan Howard’s venture investment in Berachain is nearly “risk-free.” Documents released this Monday show that Berachain granted Nova Digital, Brevan’s crypto investment subsidiary, a special right—a one-year refund guarantee for its $25 million Series B investment. This means that despite Brevan co-leading Berachain’s $69 million funding round at a $1.5 billion valuation, it can still reclaim its entire investment after the token generation event on February 6. Reportedly, this right will remain valid until February 6, 2026. Kubinec noted in the report: “Such refund clauses completely shield Brevan’s fund principal from risk, which is fundamentally different from traditional venture capital models. If Berachain’s BERA token performs well, the fund will reap excess returns; if the token underperforms, the fund can exercise its refund right.” Currently, the BERA token is trading at approximately $1, down about 67% from Brevan’s investment cost of $3. According to The Block’s data platform, the token’s fully diluted valuation now stands at $536.7 million. The Series B funding round was led by Framework Ventures, with participation from Arrington Capital, Hack VC, Polychain, and Tribe Capital. Berachain also completed a $42 million Series A funding round in 2023. It remains unclear whether other investors also enjoy refund rights.