Crypto hedge fund Pantera Capital, which has over $5 billion in property below administration, has reportedly seen its Liquid Token Fund respect by 66% throughout Q1 2024.
In response to a brand new report by Bloomberg, Pantera Capital’s $300 million crypto fund ended the primary quarter with huge positive aspects as a result of rise of digital property resembling sensible contract platform Solana (SOL), decentralized derivatives change Aevo (AEVO), decentralized finance (DeFi) protocol Ribbon Finance (RBN) and open supply blockchain Stacks (STX).
Pantera’s success partially stemmed from having diminished 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 property linked to Ethereum as a result of odds of an Ethereum-based exchange-traded fund (ETF) getting accepted by the U.S. Securities and Trade 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 boost $250 million as a method of buying Solana from bankrupt crypto change 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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