Tiger Global, an investment business, reportedly reduced the value of its shares in OpenSea and Bored Ape Yacht Club.
The New York-based investment group has reduced its holdings in the digital collectibles marketplace OpenSea and the Bored Ape Yacht Club (BAYC) by 69% and 94%, respectively, according to a Bloomberg article.
Tiger Global also made other cuts, while the reason for the move remained unclear. According to persons familiar with the case, the VC fund also reduced its value for search engine website DuckDuckGo by 72%.
It slashed its interest in an AI-powered email company, Superhuman by 45%. According to Bloomberg, investors in Tiger Global’s Private Investment Partners 15 fund reportedly experienced an 18% paper loss at the end of September, indicating that the most recent action was taken to try and limit the likelihood of future declines.
Tiger Global had not released any information to the public as of the time of writing. Because the non-fungible token market is still sluggish, this is the second company to reduce its holdings in OpenSea this quarter.
Early in November 2023, it was announced that the US-based digital investment firm Coatue Management had lowered the value of its investment in the NFT marketplace by ninety percent. Several reports state that Coatue reduced its investment from $120 million to just $13 million.
The price floor of a digital monkey is currently at 28.6 ETH, a 77% decrease from its all-time high in May 2022, which presents challenges for the BAYC collection.
