Cryptocurrency-focused hedge fund Pantera Capital underperformed compared to the price of Bitcoin in May 2018, according to Pantera founder Dan Morehead.
Morehead, who founded Pantera in 2003, revealed the company’s poor performance in a letter to investors distributed on June 19, as reported by Bloomberg on the same date.
Pantera’s Digital Asset Fund underperformed Bitcoin last month, corresponding to a general decline in cryptocurrency markets from the all-time highs attained in late December and early January. Despite posting gains of over 46 percent in April, Pantera dropped 26 percent in May and is now down 51 percent for the year.
The fund, which manages over $50 million in assets and invests exclusively in crypto, reported that the main contributors to its abysmal May performance were Dash, Waves, Bitshares and OmiseGo.