Solana Token Helps Pantera Capital Crypto Fund Post 66% Gain
With less exposure to tokens related to Bitcoin and Ethereum, with the aid of cryptocurrencies like Solana, Pantera Capital’s approximately $300 million Liquid Token Fund ended the first quarter with a 66% gain.
The performance from January through March was also impacted by gains in digital assets including RBN, Aevo, and STX, according to a shareholder letter seen by Bloomberg News.
In the first quarter, Solana than quadrupled while Bitcoin surged 67%, hitting a record high of $73,798 by mid-March before declining. In Singapore, at of 10:40 a.m. on Saturday, Bitcoin was trading at $67,540 and Solana at $174.
According to the letter, the Liquid Token Fund lowered its investments in currencies connected to the Ethereum blockchain due to obstacles including a lower likelihood of US clearance for spot-Ether exchange-traded funds.
Portfolio manager Cosmo Jiang stated in an interview that over the previous three months, the fund cut its holdings of Bitcoin by more than half. “Up until the beginning of the year, we had a significant stake in Bitcoin, but we’ve reduced it month over month,” he stated.
Since the beginning of 2023, Bitcoin has increased fourfold, mostly due to the introduction of US ETFs that directly own the largest digital asset. Increases in smaller tokens as well as meme-crowd favorites like Dogecoin and dogwifhat were sparked by the rise, which stimulated risk appetite.
Since the all-time high of Bitcoin, the cryptocurrency market has collapsed as investors reduced their bets on the Federal Reserve’s easing of monetary policy.
