Pantera Capital’s Liquid Token Fund reduced exposure to Bitcoin and Ether in the first quarter of 2024 while increasing allocations to DeFi tokens.
Pantera Capital’s Liquid Token Fund reportedly posted a 66% return in the first quarter of 2024, driven by investments in crypto tokens such as Solana (SOL).
According to a shareholder letter reviewed by Bloomberg, the fund’s strong performance from January to March was also propelled by assets such as Ribbon Finance (RBN) and Stacks (STX), while exposure to tokens tied to Bitcoin (BTC) and Ether (ETH) decreased during the period.
Portfolio manager Cosmo Jiang told Bloomberg the fund has reduced its Bitcoin holdings by more than half since the beginning of the year. “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,” he said.
