Pantera Capital’s Crypto Fund Records 66% Profit In 2024 Q1: Report

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Pantera Capital, a distinguished crypto-focused asset administration agency, recorded a major revenue for its Liquid Token Fund within the opening quarter of 2024. This optimistic efficiency got here regardless of the fund promoting off massive parts of its Bitcoin and Ethereum-linked property over the previous few months.

How Pantera Capital Grew Its Crypto Fund In Q1 2024

In keeping with a Bloomberg report, Pantera Capital’s Liquid Token Fund posted a 66% acquire within the first quarter of the yr. This substantial return was reportedly pushed by funding in digital property, most notably Solana (SOL).

The worth of Solana has almost doubled previously months, with the cryptocurrency crossing $200 briefly earlier this week. It’s price mentioning that Pantera had launched a $250 million initiative to buy discounted Solana tokens from the property of now-bankrupt FTX, as reported by NewsBTC in March.

As of this writing, the Solana token is valued at round $179, reflecting a 2.3% value improve previously 24 hours. With a market capitalization, the altcoin ranks because the fifth largest cryptocurrency within the sector.

SOL value on the every day timeframe | Supply: TradingView

A shareholder letter (seen by Bloomberg) revealed that income from smaller-cap cryptocurrencies and DeFi tokens, together with Ribbon Finance (RBN), Aevo, and Stacks (STX), additionally contributed to the sturdy efficiency of the Liquid Token Fund to date this yr.

Based mostly on information from TradingView, the RBN token is up by over 315% year-to-date, whereas Aevo has soared by almost 200% within the house of three months. The worth of the Stacks token has additionally witnessed immense progress, leaping by greater than 110% in 2024.

Pantera’s Crypto Fund Downsizes Its Bitcoin Holdings

Pantera’s Liquid Token Fund has additionally in the reduction of on its positions in Bitcoin and tokens linked to the Ethereum community over the primary quarter. In keeping with the shareholder letter, one of many rationales behind the lowered publicity to Ethereum-linked cash is the slim odds of approval of spot Ether exchange-traded fund (ETF) in the US

Portfolio supervisor Cosmo Jiang mentioned in an interview:

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.

The value of Bitcoin climbed by greater than 60% within the first quarter of the yr, an increase that has been largely attributed to the launch of the spot Bitcoin ETFs within the US. The premier cryptocurrency reached a brand new all-time excessive of $73,798 in March, albeit it’s at the moment 5% beneath this value.