VC giant Tiger Global reportedly cut stakes in OpenSea and NFT collection BAYC
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. You might also like: Magic Eden releases cross-chain NFT and crypto wallet 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 st