Pantera Capital, the $5.2 billion asset manager that was the first to focus exclusively on blockchain technology and digital assets, posted a 66% gain for its Liquid Token fund during the first quarter of 2024.
The gains were led by Solana and smaller tokens such as Ribbon Finance, Aevo and Stacks, according to Bloomberg. a reportwhile the fund sold significant portions of its position in Bitcoin and Ethereum-based tokens.
Pantera Liquid Token Fund manager explained that the fund has significantly reduced its “heavy” Bitcoin holdings every month this year so far. The fund also rotated positions related to Ethereum-based tokens as the chances of an ETF being approved in May looked lower and lower.
The fund's gains are roughly equivalent to Bitcoin's 66% year-to-date growth, and higher than Ethereum's growth and the growth of our DeFi index, according to data from The Block.
Pantera previously set up a $250 million fund to buy locked-down Solana tokens from bankrupt FTX, The Block previously reported, despite some legal controversy over ownership of the tokens.
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