Pantera Capital posted a 66% gain in its cryptocurrency fund last quarter despite selling off Bitcoin: Bloomberg
Pantera Capital, the first $5.2 billion asset manager solely focused on blockchain technology and digital assets, recorded a 66% gain in its Liquid Token Fund during the first quarter of 2024.
Profits were led by: Solana 
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+0.60%
RBN -1.33%
STX +1.41%
BTC +0.60%
ETH +0.51%
Pantera’s Liquid Token Fund manager explained that the fund has meaningfully reduced its “excessive” Bitcoin holdings each month so far this year. The fund also pivoted from positions involving Ethereum-based tokens as the odds of ETF approval in May became increasingly slim.
According to data from The Block, the fund’s returns are nearly identical to Bitcoin’s 66% year-to-date growth and are higher than the growth of Ethereum and the DeFi index.
The Block previously reported that Pantera had raised $250 million in a fund to purchase Solana tokens locked up in the FTX bankruptcy estate, despite some legal controversies over token ownership.
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