Pantera Capital’s crypto fund surged 66 percent amid market optimism.
Pantera Capital's Liquid Token Fund is reported to have returned 66% in the first quarter of 2024.
According to a shareholder letter reviewed by Bloomberg, the fund's strong performance from January to March was driven by assets such as Ribbon Finance (RBN) and Stacks (STX), while exposure to tokens linked to Bitcoin (BTC) and Ether (ETH) decreased over the period.
Portfolio manager Cosmo Jiang told Bloomberg that the fund has more than halved its Bitcoin holdings since the start of the year. “We've been very heavy in Bitcoin since the beginning of the year, and every month I'm excited to see that we reduce that Bitcoin position in a meaningful way,” he said.
According to data from TradingView, the RBN token has grown by 400.43% this year, while SOL's gain is 69.88%, indicating a 62.59% appreciation of Bitcoin in 2024.
RELATED: FTX founder SBF asks for 6.5-year prison sentence, tells prison guards to invest in Solana
Launched in November 2017, the Pantera Liquid Token Fund holds a pool of 10-20 liquid tokens. The fund is designed for investors willing to commit at least $100,000 and is mainly aimed at decentralized finance (DeFi) tokens.
Pantera Capital is a $5.2 billion asset manager and an early investor in the crypto space. The company recently raised about $250 million to buy SOL tokens from former crypto exchange FTX. The tokens were purchased at $64, which is 60 percent below the current market price.
SOL's price performance is attributed to the increasing market dominance of blockchain and the frustration of memecoins. On April 3rd, memecoins like Dogwifhat and Bonk continue to rise in popularity, along with the recently launched Cat in a World of Dogs and Book meme. According to a CoinShares report, institutional investors have poured almost $25 million into SOL-based investment funds in March, supporting the increase in the value of the token.
Magazine: 5 risks to be aware of when entering Solana memecoins
