Pantera Capital's Liquid Token Fund, which has approximately $300 million in total assets, reported a 66% gain in the first quarter.
This was primarily driven by investments in cryptocurrencies such as Solana, while reducing stakes in Bitcoin and Ethereum related assets.
According to Bloomberg, altcoins such as RBN, Aevo, and STX also contributed to the strong performance in the first quarter.
Over the same period, Bitcoin rose 67%, reaching a peak of $73,798 by mid-March, but has declined slightly since then.
In contrast, Solana's value has nearly doubled. Bitcoin and Solana prices were recorded at $67,540 and $174, respectively, at last check on Saturday, April 6th.
Until January, Pantera was primarily focused on Bitcoin investments.
However, in anticipation of a broader bull market, the fund has continuously reduced its Bitcoin position each month and diversified its portfolio with other popular tokens.
The fund also reduced its investments in Ethereum-based tokens, affected by challenges such as lower expectations for Spot Ether exchange-traded fund (ETF) approval in the US.
Pantera Capital has $5.2 billion under management and has been active in the crypto market since 2013, offering a variety of investment products.
Earlier this week, the company bought a large portion of FTX's $1.9 billion worth of Solana stock at a discount.
