Pantera Capital, the $5.2 billion asset manager which was the first to focus exclusively on blockchain technology and digital assets, has posted a 66% gain for its Liquid Token Fund over the first quarter of 2024.
The gains were led by Solana 
SOL
+2.00%
and smaller-cap tokens such as Ribbon Finance 
RBN
-0.45%
, Aevo, and Stacks 
STX
+2.14%
, according to a Bloomberg report, while the fund sold large parts of its position in Bitcoin 
BTC
+1.96%
and Ethereum 
ETH
+1.31%
-based tokens.
The manager of Pantera’s Liquid Token Fund explained that the fund has meaningfully decreased its “heavy” Bitcoin holdings each month this year so far. The fund also rotated out of positions related to Ethereum-based tokens as the chances for ETF approval in May have looked slimmer and slimmer.
The fund’s gains are approximately equal to Bitcoin’s growth of 66% year-to-date, and higher than Ethereum’s growth and the grown of our DeFi index, according to The Block’s data.
Pantera had previously set up a $250 million fund in order to purchase locked Solana tokens from the FTX bankruptcy estate, The Block previously reported, despite some legal controversy around the ownership of the tokens.
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