🤑 $25M Refund Saga: Berachain’s Token Tale Turns Wodehouse-Wacky! 🕵️‍♂️

by

What ho, old bean! Leaked documents, as juicy as a well-aged scandal, reveal that Brevan Howard’s Nova Digital fund has bagged a jolly conditional right to reclaim its $25 million Berachain investment. Dash it all, the project’s chaps are in a fluster, denying any hint of preferential treatment. Toodle pip to fairness, eh? 😏

The Backstory, What?

These legal doodads have chucked a spanner in the works of Berachain’s Series B funding, old sport. Turns out, Nova Digital was handed a contractual joker-a refund option for their $25 million punt. The papers, snaffled by Unchained, spill the beans on a side agreement dated March 5, 2024, letting Nova reclaim “some or all” of their dosh for twelve months post Berachain’s Feb. 6, 2025 token shindig. If they play this card, Berachain’s bound to cough up the moolah within five working days. As for a related $5 million deposit, well, it’s all as clear as mud, with neither party spilling the beans. 🧐

The Refund Clause: A Right Royal Fiddle

According to the docs, Nova can wave the refund flag until Feb. 6, 2026-a full year after the token hullabaloo. Unchained blabbed that this was part of Nova’s jolly jaunt into the April 2024 Series B round. They even flashed a side letter signed by Berachain’s legal eagle Jonathan Ip and Nova’s top dog Carol Reynolds. Oh, and did I mention? BERA, Berachain’s token, is bobbing about at $1.01, miles below Nova’s $3 entry price. Still, the network’s locked value hit a whopping $3.5 billion earlier this year, proving it’s no slouch, despite this investor kerfuffle. 📈

Berachain’s Riposte: “Nonsense, Old Chap!”

Berachain’s top brass, the mysterious Smokey The Bera, gave Unchained’s report a hearty raspberry, calling it “inaccurate and incomplete.” According to Smokey, Brevan Howard chucked in their lot via their Abu Dhabi-based Nova outfit, playing by the same rules as everyone else. “Same terms, old boy,” Smokey chirped, “Nova just happened to lead the round, months in the making.” The founder insisted all investors were tied to the same old baseline agreements. No special treatment, what? 🙄

“Brevan Howard co-led our Series B a year ago, out of their Abu Dhabi office, via Nova, a new liquid-only vehicle on the same terms as all other investors. Nova had approached Berachain to lead the round some months prior to this.”

The Side Letter: A Storm in a Teacup?

Smokey owned up to the side letter but pooh-poohed any notion of special privileges. Apparently, the refund clause was just Nova’s way of keeping their books in order, not a golden ticket. If the BERA token tanked below their $3 investment, Nova could ask for their dough back. Smokey insisted it was all above board, a mutual tiff over risk management, not a sly deal for one investor. “No favoritism here, old bean,” they trilled. “Just a spot of financial prudence.” 🧾

Read More

2025-11-25 19:30