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