Pantera Capital, a major crypto hedge fund, has reported a significant 66% gain in its Liquid Token Fund during the first quarter of 2024.
Key Altcoin Positions
The fund’s success is attributed to its investments in smaller market cap altcoins, including:
- Solana (SOL)
- Aevo (AEVO)
- Ribbon Finance (RBN)
- Stacks (STX)
Reduced Exposure to Bitcoin and Ethereum
Pantera Capital reduced its exposure to Bitcoin (BTC) and Ethereum (ETH) in favor of these altcoins. The fund also cut back on Ethereum-linked assets due to concerns about the approval of an Ethereum-based exchange-traded fund (ETF).
Portfolio Manager’s Perspective
Cosmo Jiang, Pantera Capital’s portfolio manager, explained that the fund has been gradually reducing its Bitcoin exposure since the beginning of the year.
Solana Funding Efforts
Last month, Pantera Capital participated in funding efforts to purchase Solana from the bankrupt crypto exchange FTX.
Current Altcoin Prices
As of writing, the altcoins mentioned above are trading at the following prices:
- SOL: $177.29
- AEVO: $2.96
- RBN: $1.61
- STX: $3.19
