Pantera Capital Highlights Duration Risk in Tokenized Fund Exits

Pantera Capital is highlighting a gap between tokenized ownership and actual liquidity in private funds, pointing to Fission’s model for pricing the risk of delayed exits. Putting a fund interest on a blockchain does not, by itself, produce a buyer or remove the wait for redemption. An investor seeking an earlier exit still needs someone willing to purchase the interest and take on that waiting risk. Fission aims to fill that role by buying tokenized fund interests from holders before their normal redemption. Its approach prices duration risk rather than repricing net asset value (NAV). Asset managers retain control of the underlying valuations. That distinction keeps the price of an early exit separate from the fund’s valuation.

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