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Pantera Capital, a number one crypto-focused asset administration agency, reported vital features for its Liquid Token Fund within the early quarter of 2024. This optimistic efficiency got here regardless of the fund promoting giant parts of its Bitcoin and Ethereum-linked property previously. A number of months.
How Pantera Capital Raised Its Crypto Fund in Q1 2024
Pantera Capital's Liquid Token Fund gained 66% within the first quarter of the yr, Bloomberg studies. This substantial return was reportedly pushed by investments in digital property, notably Solana (SOL).
Solana has practically doubled in worth over the previous months, with the cryptocurrency surpassing $200 earlier this week. Notably, as NewsBTC reported in March, Pantera had launched a $250 million initiative to buy discounted Solana tokens from the property of now-bankrupt FTX.
On the time of writing, the Solana token is valued at roughly $179, representing a 2.3% worth improve over the previous 24 hours. By market capitalization, the altcoin ranks because the fifth-largest cryptocurrency within the area.
SOL worth on the every day timeframe | Supply: TradingView
A shareholder letter (seen by Bloomberg) confirmed that earnings from small-cap cryptocurrencies and DeFi tokens, together with Ribbon Finance (RBN), Evo and Stacks (STX), additionally contributed to the liquid token fund's robust efficiency to this point this yr. have contributed. ,
Based mostly on information from TradingView, the RBN token is up greater than 315% year-to-date, whereas Avo is up practically 200% within the span of three months. The worth of the Stacks token has additionally seen an enormous improve, growing by greater than 110% in 2024.
Pantera's crypto fund has shorted its Bitcoin holdings
Pantera's Liquid Token Fund additionally reduce its positions in tokens related to Bitcoin and the Ethereum community through the first quarter. In accordance with the shareholder letter, one motive behind the low threat of Ethereum-linked cash is the low likelihood of approval of a spot ether exchange-traded fund (ETF) in america.
Portfolio supervisor Cosmo Jiang mentioned in an interview:
We have been fairly heavy in Bitcoin firstly of the yr, and actually like each month we have now lowered our Bitcoin place meaningfully.
The value of Bitcoin climbed greater than 60% within the first quarter of the yr, an increase largely attributed to the launch of a spot Bitcoin ETF within the US. The main cryptocurrency reached a brand new all-time excessive of $73,798 in March, though it’s at the moment down 5% from this worth.
The value of Bitcoin makes an attempt to interrupt above $70,000 on the every day timeframe | Supply: BTCUSDT chart on TradingView
Featured picture from The Impartial, chart from Buying and selling View