Pantera Capital, a prominent asset manager focusing on blockchain technology and digital assets with $5.2 billion in management, disclosed a significant 66% increase in its Liquid Token Fund during the first quarter of 2024.
Solana and Smaller Tokens Stand Out
The fund's notable gains were driven by the strong performance of Solana and smaller-cap tokens like Ribbon Finance, Aevo, and Stacks, as reported by Bloomberg. Interestingly, the fund decided to reduce its holdings in Bitcoin and Ethereum-based tokens substantially.
The manager of the Liquid Token Fund indicated a gradual reduction in Bitcoin holdings on a monthly basis this year. Additionally, the fund has been divesting from Ethereum-based token positions due to decreased chances of ETF approval in May.
Comparable Growth to Bitcoin
The fund's 66% increase aligns closely with Bitcoin's growth so far this year, surpassing the growth of Ethereum and the DeFi index.
Previously, Pantera Capital initiated a $250 million fund to acquire locked Solana tokens from the FTX bankruptcy estate, despite facing some legal disputes regarding the ownership of these tokens.
Comments