BlocksInform
The crypto-centric venture capital liquid token fund pantera has lost 80% over the course of 2022, taking a blow of almost 23% in November alone after the implosion of the central exchange ftx. In comparison, the crypto index of the bloomberg galaxy fell by about 27 percent for the year. Pantera’s fund has partly rebounded this month with a gain of over 47%, according to a January investor call uploaded to YouTube.
The Pantera Liquid Token Fund is a “multi-strategy vehicle that typically invests in 15-25 liquid tokens at any point in time” and is “predominantly driven by a discretionary strategy focused on decentralized-finance and adjacent assets,” according to the firm’s website. The fund had $198 million in AUM and 13 chips in the portfolio at the time of the investor call.
In late spring, the fund began targeting a large portion of the portfolio by moving away from spares and turning it into ether (), joey krug, Co-manager of Pantera's investments, said about the appeal. The timing would have corresponded to the collapse of the stablecoin and the sister room of Terra, which sparked the collapse of the network of Celsius lenders.
The fund’s top three performers for the hard-hit November period were Cosmos' token, Chainlink's LINK and Optimism's OP, while Uniswap's UNI, Solana's SOL and ether took the bottom slots, according to the call presentation. Pantera was in a position in solana and sold "a lot of him" just after the ftx problems hit the news, sale in the $20 range and come out before the chip has fallen to the $10 range, krug said.
Optimism, a layer 2 scaling tool, has become one of the fund’s largest non-ETH positions, and was a driver of year-to-date growth alongside ether and UNI
“I think we’re just starting now, recently, to start to rotate back into some alts that we think are going to outperform ETH over the coming cycle,” Krug added.
UPDATE (18:10 UTC): Provides additional call information.
