Pantera Capital, a distinguished crypto-focused asset administration agency, recorded a major revenue for its Liquid Token Fund within the opening quarter of 2024. This constructive efficiency got here regardless of the fund promoting off massive parts of its Bitcoin and Ethereum-linked property over the previous few months.
How Pantera Capital Grew Its Crypto Fund In Q1 2024
Based on a Bloomberg report, Pantera Capital’s Liquid Token Fund posted a 66% acquire within the first quarter of the 12 months. This substantial return was reportedly pushed by funding in digital property, most notably Solana (SOL).
The worth of Solana has practically doubled previously months, with the cryptocurrency crossing $200 briefly earlier this week. It’s price mentioning that Pantera had launched a $250 million initiative to buy discounted Solana tokens from the property of now-bankrupt FTX, as reported by NewsBTC in March.
As of this writing, the Solana token is valued at round $179, reflecting a 2.3% value improve previously 24 hours. With a market capitalization, the altcoin ranks because the fifth largest cryptocurrency within the sector.
SOL value on the each day timeframe | Supply: TradingView
A shareholder letter (seen by Bloomberg) revealed that income from smaller-cap cryptocurrencies and DeFi tokens, together with Ribbon Finance (RBN), Aevo, and Stacks (STX), additionally contributed to the robust efficiency of the Liquid Token Fund thus far this 12 months.
Primarily based on information from TradingView, the RBN token is up by over 315% year-to-date, whereas Aevo has soared by practically 200% within the house of three months. The worth of the Stacks token has additionally witnessed immense development, leaping by greater than 110% in 2024.
Pantera’s Crypto Fund Downsizes Its Bitcoin Holdings
Pantera’s Liquid Token Fund has additionally in the reduction of on its positions in Bitcoin and tokens linked to the Ethereum community over the primary quarter. Based on the shareholder letter, one of many rationales behind the lowered publicity to Ethereum-linked cash is the slim odds of approval of spot Ether exchange-traded fund (ETF) in america
Portfolio supervisor Cosmo Jiang stated in an interview:
We’d been fairly heavy in Bitcoin till the beginning of the 12 months, and actually like every month we’ve decreased that Bitcoin place meaningfully.
The worth of Bitcoin climbed by greater than 60% within the first quarter of the 12 months, an increase that has been largely attributed to the launch of the spot Bitcoin ETFs within the US. The premier cryptocurrency reached a new all-time high of $73,798 in March, albeit it’s at the moment 5% under this value.
The worth of Bitcoin makes an attempt to interrupt above $70,000 on the each day timeframe | Supply: BTCUSDT chart on TradingView
Featured picture from The Unbiased, charts from TradingView
