SCOOP 🚨: Berachain gave its co-lead investor a refund right that is valid for up to a year after BERA's TGE, according to documents obtained by @Unchained_pod. Unchained has published those documents, along with the full story (by me), at the link below. The refund right was granted to Nova Digital — a fund within Brevan Howard Digital — which invested $25M in Berachain's Series B. Now Nova Digital has until February 6, 2026 to require that Berachain return part or all of the money. Nova Digital is also currently being spun out from Brevan Howard, per a source familiar. Four lawyers we spoke to said it was unusual for an investor to be granted a post-TGE refund right. Unlike a typical VC investment, the Brevan fund that backed Berachain wasn't taking on any risk — either BERA would pump, or Nova could ask for its money back. Two other Series B investors who declined to be named said they were not informed that Nova Digital had received a refund right. Now, as the refund right expiration date draws near, BERA is trading at well below the $1.5B FDV at which Nova Digital invested. Perhaps no investor has more at stake in BERA's fate than Framework Ventures, which co-led the Series B with Nova Digital. Unchained has learned that by the end of the second quarter of 2025, Framework had purchased roughly $72.4 million of BERA tokens at an average price of $3.42, meaning Framework would be down more than $50 million on that stash of BERA at current prices. The full story and the documents can be found at the link below.