Switching holdings from bitcoin and ether to solana and other 'minor' cryptocurrencies helped digital assets hedge fund firm Pantera Capital’s roughly $300m Liquid Token Fund record a 66% Q1 return, according to a report by Bloomberg.

The report cites a shareholder letter seen by Bloomberg as revealing that other digital assets including RBN, aevo and STX also contributed to the quarter's positive performance.

While bitcoin was up 67% in the first three months of the year, hitting a record $73,798 by mid-March before falling back, solana also performed strongly, almost doubling over the quarter.

As well as reducing its bitcoin position "meaningfully" in each of the first three months of the year, according to Portfolio Manager Cosmo Jiang, reduced odds on spot-ether ETFs gaining US regulatory approval prompted the firm to reduce its holdings in coins linked to the ethereum blockchain.