Overview
- Documents published by Unchained show a March 5, 2024 side letter letting Nova reclaim some or all of its Series B investment for up to 12 months after Berachain’s Feb. 6, 2025 token launch, with any refund due within five business days.
- Reporters could not verify whether Nova made the required $5 million deposit by March 8, 2025 to keep the refund right active, leaving the clause’s status uncertain.
- Berachain co-founder Smokey the Bera called the coverage inaccurate and said the arrangement addressed compliance needs for Brevan Howard’s Abu Dhabi liquid-only vehicle.
- Two unnamed Series B investors said they were not informed of the special terms, and multiple lawyers described post-launch refund rights as highly unusual, raising potential MFN and disclosure issues.
- BERA has fallen to roughly $1 from Nova’s $3 entry price, contributing to large paper losses for other backers such as Framework Ventures, and CoinCentral reported Nova is being spun out from Brevan Howard.