Crypto hedge fund Pantera Capital, which manages more than $5 billion in assets, has reportedly seen the value of its Liquid Token Fund rise 66% during the first quarter of 2024.
According to a new report from Bloomberg, Pantera Capital’s $300 million cryptocurrency fund will see massive gains due to the rise of digital assets including smart contract platform Solana (SOL), decentralized derivatives exchange Aevo (AEVO), and decentralized finance (DeFi). We ended the first quarter with a profit. ) Protocol Ribbon Finance (RBN) and Open Source Blockchain Stack (STX).
Pantera’s success has come in part from reducing its exposure to Bitcoin (BTC) and Ethereum (ETH) and allocating to altcoins with smaller market caps.
In a shareholder letter seen by Bloomberg, Pantera pointed out that it had cut assets linked to Ethereum due to the lower likelihood that an Ethereum-based exchange-traded fund (ETF) would receive approval from the U.S. Securities and Exchange Commission (SEC). .
In an interview, Cosmo Jiang, portfolio manager at Pantera Capital, told Bloomberg that the fund has been steadily reducing its exposure to Bitcoin since the beginning of the year.
“We had quite a bit of investment in Bitcoin through the beginning of the year, and as we do every month, we have meaningfully reduced our Bitcoin position.”
Last month, Pantera participated in a fundraising effort to raise $250 million as a means to purchase Solana from bankrupt cryptocurrency exchange FTX.
SOL, AEVO, RBN, and STX are trading at $177.29, $2.96, $1.61, and $3.19, respectively, at the time of this writing.
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