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,
