In the first quarter of 2024, Pantera Capital’s Liquid Token Fund delivered an impressive 66% return, buoyed by strategic investments in various crypto tokens, including the notable Solana (SOL).
A shareholder letter obtained by Bloomberg reveals that the fund’s stellar performance from January through March also benefited from investments in Ribbon Finance (RBN) and Stacks, even as it scaled back on Bitcoin and Ether exposures.
Cosmo Jiang, the portfolio manager, shared with Bloomberg the fund’s strategic shift away from Bitcoin, noting a significant reduction in Bitcoin holdings since the year’s start.
Jiang emphasized the deliberate reduction in Bitcoin exposure, stating, “We’d been pretty heavy in Bitcoin until the start of the year, and I really like each month we’ve decreased that Bitcoin position meaningfully.”
Market data indicates the success of this strategy, with the RBN token surging by 400.43% year-to-date, and SOL’s gains registering at 69.88%.
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These figures markedly outpace Bitcoin’s 62.59% appreciation within the same timeframe.
Founded in November 2017, the Pantera Liquid Token Fund is tailored for accredited investors, offering a portfolio of 10–20 liquid tokens with a focus on decentralized finance (DeFi).
This investment vehicle demands a minimum commitment of $100,000 from its participants.
Pantera Capital, managing assets worth $5.2 billion, is a pioneer in the cryptocurrency investment space.
The firm recently acquired SOL tokens formerly owned by the defunct crypto exchange FTX, investing approximately $250 million for tokens valued at $64 each, which is roughly 60% below their current market value.
The surge in SOL’s price is largely credited to its growing dominance in the blockchain market and the burgeoning popularity of memecoins.
Memecoins like Dogwifhat and Bonk, along with new entrants such as Cat in the Dogs World and Book of Meme, have seen rising interest.
CoinShares reports reveal that institutional investors contributed almost $25 million to SOL-based investment funds in March, further bolstering the token’s value in the market.
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