Crypto hedge fund Pantera Capital, which has over $5 billion in belongings underneath administration, has reportedly seen its Liquid Token Fund admire by 66% throughout Q1 2024.
Based on a brand new report by Bloomberg, Pantera Capital’s $300 million crypto fund ended the primary quarter with large beneficial properties because of the rise of digital belongings equivalent to sensible contract platform Solana (SOL), decentralized derivatives trade Aevo (AEVO), decentralized finance (DeFi) protocol Ribbon Finance (RBN) and open supply blockchain Stacks (STX).
Pantera’s success partially stemmed from having lowered publicity to Bitcoin (BTC) and Ethereum (ETH) and allocating to smaller market cap altcoins.
In a shareholder letter seen by Bloomberg, it was famous that Pantera in the reduction of on belongings linked to Ethereum because of the odds of an Ethereum-based exchange-traded fund (ETF) getting accredited by the U.S. Securities and Alternate Fee (SEC) being lowered.
In an interview, Cosmo Jiang, Pantera Capital’s portfolio supervisor, tells Bloomberg that the fund has been steadily lowering its publicity to Bitcoin for the reason that begin of the yr.
“We’d been fairly heavy in Bitcoin till the beginning of the yr, and actually like every month we’ve decreased that Bitcoin place meaningfully.”
Final month, Pantera engaged in funding efforts to lift $250 million as a way of buying Solana from bankrupt crypto trade FTX.
SOL, AEVO, RBN, and STX are buying and selling for $177.29, $2.96, $1.61, and $3.19 at time of writing, respectively.
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