Tiger Global lowered its stake in BAYC and OpenSea: report
Investment firm Tiger Global has reportedly made several investments, including stakes in popular token (NFT) projects such as Bored Ape Yacht Club (BAYC) Collective and NFT marketplace OpenSea.
Citing anonymous sources, media outlet Bloomberg reported that the investment firm has landed a 69 percent stake in BAYC and a 94 percent stake in OpenSea. In addition, the company has cut prices for several other portfolio companies, the report said.
Cointelegraph reached out to Tiger Global for comments and did not get an immediate response.
Tiger Global has been actively investing in various areas in the crypto space. In addition to NFTs, the firm also invests in projects focused on blockchain security and privacy. In the year In 2021, Tiger Global led a $24 million funding round for blockchain security CertK as it seeks to expand its security offerings to the decentralized finance (DeFi) sector.
In the year In 2022, Tiger Global participated in Series B investment round for zero-knowledge applications platform Aleo. The privacy project has raised $200 million, with investors such as Cora Management LP and SoftBank's Vision Fund 2 leading the investment round. In the same year, Tiger Global invested in the layer-2 network Polygon.
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Tiger Global is not the first to show investments in the NFT space. On November 8, Coatue Management, OpenSea's co-lead investor, reduced its investment in the NFT market by 90%. Coatue reduced the value of its shares on the NFT platform from $120 million to $13 million, indicating that OpenSea's value on paper has dropped to $1.4 billion.
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