Fund down nearly 50% in March
A cryptocurrency fund that posted a whopping 25,000% gain over its lifetime took a massive hit in March. The crypto based digital fund from Pantera Capital lost 45.7% in one month.
Still, long-time investors have little to complain about. The fund is down 3.1% since December 1 compared to Bitcoin, which is down 37.4%. The company was founded in 2013 and has returned more than 10,000% life-to-date.
The company believes better times are coming for crypto once the tax-selling is complete.
"A portion of the selling pressure on the market in general has been unintended tax positions," Dan Morehead, CEO and co-chief investment officer of Pantera Capital, wrote in the letter. "There were $300 billion of capital gains created last year. That could have caused a decent chunk of the sales."
The company has $724m in assets under management, according to CNBC.
