Pantera Capital, the asset manager with a $5.2 billion portfolio, renowned as the first to specialize exclusively in blockchain technology and digital assets, has recorded a significant 66% gain for its Liquid Token Fund during the initial quarter of 2024.
This notable increase was primarily driven by the performance of Solana (SOL +2.40%) and smaller-cap tokens like Ribbon Finance (RBN -1.57%), Aevo, and Stacks (STX +2.87%), as reported by Bloomberg. Concurrently, the fund opted to divest a considerable portion of its holdings in Bitcoin (BTC +1.15%) and Ethereum (ETH +0.75%)-based tokens.
The manager of Pantera’s Liquid Token Fund elaborated that the fund has systematically reduced its substantial Bitcoin holdings each month since the beginning of the year. Furthermore, the fund strategically exited positions tied to Ethereum-based tokens due to dwindling prospects for ETF approval in May.
In terms of performance, the fund’s gains roughly align with Bitcoin’s 66% year-to-date growth, surpassing the growth rates of Ethereum and the DeFi index, as per data from The Block.
Pantera had previously established a $250 million fund aimed at acquiring locked Solana tokens from the FTX bankruptcy estate, as previously reported by The Block, despite facing some legal disputes regarding the ownership of these tokens.
