Pantera Capital, a major company managing $5.6 billion in profits, has seen significant success with its Liquid Token Fund. The fund, valued at around $300 million, experienced a 66% profit in the first quarter, mainly due to the performance of altcoins like Solana, Ribbon Finance, Aevo, and Stacks.

The fund has decided to reduce its exposure to Ethereum-related tokens due to factors like the potential unlikelihood of the United States approving a spot Ethereum ETF. Throughout January to March, the fund also saw gains from digital assets such as RBN, Aevo, and STX, as mentioned in a shareholder letter published by Bloomberg.

While Bitcoin achieved a 67% rise in the first quarter, hitting a record high of $73,798 in mid-March before declining, Solana nearly doubled in size during the same timeframe. Portfolio manager Cosmo Jiang stated in an interview that the fund has significantly decreased its Bitcoin holdings by over half in the past three months. Since the start of 2023, Bitcoin has quadrupled but the cryptocurrency rally has slowed down due to investors reducing their bets on the Fed easing monetary policy.

Pantera Capital, a massive $5.2 billion asset manager, ventured into cryptocurrency investments back in 2013.

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