Pantera Capital, a number one cryptocurrency-focused asset administration agency, posted vital good points for its Liquid Token Fund within the first quarter of 2024. This optimistic efficiency got here regardless of the fund having offered giant parts of its Bitcoin and Ethereum-linked belongings prior to now. few months.
How Pantera Capital grew its crypto fund within the first quarter of 2024
In keeping with a Bloomberg report, Pantera Capital’s Liquid Token Fund posted a 66% acquire within the first quarter of the yr. These substantial returns had been reportedly pushed by investments in digital belongings, most notably Solana (SOL).
Solana’s worth has practically doubled in current months, with the cryptocurrency briefly surpassing $200 earlier this week. It is price mentioning that Pantera has launched a $250 million initiative to buy Solana tokens at a reduction from the property of the now-bankrupt FTX, as reported by NewsBTC in March.
On the time of writing, the Solana token is valued at round $179, reflecting a 2.3% value improve within the final 24 hours. By market capitalization, the altcoin is the fifth largest cryptocurrency within the sector.
SOL value on the day by day timeframe | Supply: TradingView
A shareholder letter (seen by Bloomberg) revealed that good points from smaller cryptocurrencies and DeFi tokens, together with Ribbon Finance (RBN), Aevo and Stacks (STX), have additionally contributed to the Liquid Token Fund’s robust efficiency up to now this yr .
Primarily based on knowledge from TradingView, the RBN token is up over 315% this yr, whereas Aevo is up nearly 200% in three months. The worth of the Stacks token has additionally seen super progress, rising greater than 110% by 2024.
Pantera’s Crypto Fund Is Shrinking Its Bitcoin Holdings
Pantera’s Liquid Token Fund additionally trimmed its positions in Bitcoin and tokens linked to the Ethereum community within the first quarter. In keeping with the shareholder letter, one of many causes behind the decreased publicity to Ethereum-linked cash is the low probability of approval of a spot Ether Alternate-Traded Fund (ETF) in the USA.
Portfolio supervisor Cosmo Jiang mentioned in an interview:
We had been fairly heavy in Bitcoin till the start of the yr, and each month we have now considerably decreased that Bitcoin place.
The worth of Bitcoin rose greater than 60% within the first quarter of the yr, an increase largely attributed to the launch of spot Bitcoin ETFs within the US. The main cryptocurrency hit a brand new all-time excessive of $73,798 in March, though it’s at the moment 5% beneath this value.
The worth of Bitcoin makes an attempt to interrupt above $70,000 on the day by day timeframe | Supply: BTCUSDT chart on TradingView
Featured picture from The Unbiased, charts from TradingView
