Pantera Capital posts 66% gain for crypto fund last quarter, despite selling Bitcoin: Bloomberg

Markets • April 6, 2024, 1:08PM EDT

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Quick Take

Pantera Capital has scored a Q1 gain of 66% for its crypto fund, led by Solana and smaller-cap tokens as the fund rotates out of Bitcoin and Ethereum, according to a Bloomberg report.

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 +2.05% and smaller-cap tokens such as Ribbon Finance RBN -1.18% , Aevo, and Stacks STX +2.78% , according to a Bloomberg report, while the fund sold large parts of its position in Bitcoin BTC +0.31% and Ethereum ETH +0.75% -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.

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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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About Author

Zack Abrams is a writer and editor based in Brooklyn, New York. Before coming to The Block, he was the Head Writer at Coinage, a Web3 media outlet covering the biggest stories in Web3. The story he co-reported on Do Kwon won a 2022 Best in Business Journalism award from SABEW. Other projects included a deep dive into SBF's defense based on exclusive documents and unveiling the identity of the hacker behind one of 2023's biggest crypto hacks — so far. He can be reached via X @zackdabrams or email, [email protected].