Framework Ventures is facing significant paper losses on its investment in BERA tokens, with a reported $50.8 million loss as of the end of Q2 2025. The firm had initially invested $72.4 million in Berachain's B round, acquiring 21,145,476 BERA tokens. The investment was co-led by Brevan Howard's Nova Fund. Recent reports suggested Brevan Howard had a $25 million 'refund right,' which Berachain co-founders have denied, clarifying that the terms were compliance-related and aligned with industry standards.