Investment firm Tiger Global is said to have written down the value of its stakes in Bored Ape Yacht Club and OpenSea.
According to a Bloomberg report, the New York-based investment firm has cut its stakes in Bored Ape Yacht Club (BAYC) and digital collectibles marketplace OpenSea by 69% and 94% respectively. While the reason for the move was unclear, it was not the only reduction made by Tiger Global.
According to the report, the venture capital firm also reduced its stake in Superhuman, an AI-powered email company, by 45% and reduced its valuation of search engine website DuckDuckGo by 72%, according to the people. familiar with the matter.
Bloomberg claims that investors in Tiger Global’s Private Investment Partners 15 fund suffered an 18% paper loss in late September, suggesting the latest move was taken in a bid to contain the risks of a further decline. As of press time, Tiger Global made no public statements on the matter.
This is the second company to reduce its holdings in OpenSea this quarter, as the entire non-fungible token market remains tepid.
In early November 2023, crypto.news reported that Coatue Management, a US-based technology investment firm, also reduced the valuation of its investment in the NFT market by 90%. According to multiple reports, Coatue reduced his stake from an initial $120 million to just $13 million.
The BAYC collection also faces hurdles, as the current low price for a digital monkey remains at 28.6 ETH, a 77% decline from its all-time high in May 2022, according to data from NFT Price Floor.
