Berachain’s $25M Refund Clause Dependent on Unconfirmed $5M Deposit

Key Points:

Legal documents show that Berachain granted Brevan Howard's Nova Digital a refund right on its $25 million investment.
The refund clause is contingent upon Nova depositing $5 million into a Berachain wallet by March 8, 2025. Confirmation of this deposit is pending from both parties.
Nova's investment accounted for one-quarter of Berachain's $100 million funding round, valuing the network at $1.5 billion.
The token BERA currently trades at $1.01, down from Nova's investment price of $3 per token.
Berachain disputes the reporting of these terms but hasn't clarified specific inaccuracies.
Unchained consulted four crypto lawyers, who noted the refund rights as unusual in token deals.
Nova has until February 6, 2026, to exercise its refund right if it remains valid.