Pantera Capital, a $5.2 billion asset management firm that first focused on blockchain technology and digital assets, recorded a 66% return on its Liquid Token Fund in the first quarter of 2024.
According to Bloomberg, the rally was led by Solana as well as small-cap tokens such as Ribbon Finance, Evo, and Stax. reportMeanwhile, the fund sold the majority of its positions in Bitcoin and Ethereum-based tokens.
The manager of Pantera’s Liquid Token Fund explained that the fund has significantly reduced its Bitcoin holdings by “significant amounts” each month so far this year. The fund also rotated positions related to Ethereum-based tokens as the chances of ETF approval in May look increasingly slim.
The fund's gains have roughly matched Bitcoin's 66% year-to-date growth, outpacing Ethereum's growth and the growth of our DeFi index, according to The Block data.
Despite legal disputes over ownership of the tokens, Pantera previously established a $250 million fund to purchase locked Solana tokens from the FTX bankruptcy foundation, The Block reported. Previously reported.
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