- Tiger Global has marked down the valuations of its crypto holdings, including stakes in Bored Ape Yacht Club and OpenSea, amid an ongoing NFT bear market.
- Bored Ape Yacht Club’s current price floor is down 77% from its all-time high in May 2022, negatively impacting Tiger Global’s investment.
- Investment firm Coatue Management has cut its stake in OpenSea by 90%, from an initial $120 million to just $13 million, reflecting challenging conditions in the NFT market.
Tiger Global has devalued its crypto holdings amid ongoing NFT bear market. The investment firm marked down the valuations of its stakes in Bored Ape Yacht Club and OpenSea.
Tiger Global’s Losses
Tiger Global’s Private Investment Partners 15 fund has experienced an 18% paper loss. The fund, with nearly $13 billion in assets, has devalued AI company Superhuman by 45% and search engine DuckDuckGo by 72%. Tiger Global also wrote down its $38 million investment in FTX to zero.
Bored Ape Yacht Club Declines
The Bored Ape Yacht Club collection, in which Tiger Global has a stake, has declined significantly. The current BAYC price floor is down 77% from its all-time high in May 2022.
OpenSea Also Impacted
Investment firm Coatue Management cut its stake in OpenSea from an initial $120 million to $13 million. This 90% reduction comes amid challenging market conditions for NFTs.
Signs of a Possible NFT Rebound
Despite struggles, there are signs of a revival in NFTs and DeFi. OpenSea recently restructured to enhance capabilities. JPMorgan also noted growing optimism, albeit with caution. It’s too early to get overly excited.
