Pantera Capital’s Liquid Token Fund Soars 66% in Q1 2024 Despite Bitcoin and Ethereum Sell-Off
In the first quarter of 2024, Pantera Capital's Liquid Token Fund achieved a remarkable 66% gain, as reported by Bloomberg.
This impressive growth was primarily fueled by investments in digital assets, notably Solana (SOL).
Solana’s value nearly doubled in recent months, briefly surpassing $200. Pantera’s strategic initiative to purchase discounted Solana tokens from FTX’s bankrupt estate, amounting to $250 million, significantly contributed to this growth.
As of now, Solana is valued at approximately $179, reflecting a 2.3% increase in the past 24 hours, securing its position as the fifth-largest cryptocurrency by market capitalization.
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Additionally, profits from smaller-cap cryptocurrencies and DeFi tokens such as Ribbon Finance (RBN), Aevo, and Stacks (STX) also bolstered the Liquid Token Fund’s performance. RBN surged by over 315% year-to-date, Aevo by nearly 200% in three months, and STX witnessed growth of more than 110% in 2024.
However, Pantera’s fund reduced its positions in Bitcoin and Ethereum-linked tokens during the first quarter. The decision was influenced by factors like the low chances of approval for a spot Ether exchange-traded fund (ETF) in the United States.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
