Tiger Global, a prominent investment firm, has reportedly adjusted the valuations of several of its investments, notably in the nonfungible token (NFT) sector. According to Bloomberg, which cited anonymous sources, Tiger Global significantly reduced the value of its stakes in well-known NFT projects. The firm marked down its investment in the Bored Ape Yacht Club (BAYC) collection by 69% and its stake in the NFT marketplace OpenSea by a substantial 94%. Additionally, the report indicates that Tiger Global has also lowered valuations for various other companies in its portfolio.
As of the time of the report, Cointelegraph had reached out to Tiger Global for comments but had not received an immediate response.
Tiger Global has been an active investor across different segments of the cryptocurrency and blockchain space. Beyond NFTs, the firm has shown interest in blockchain security and privacy-centric initiatives. In 2021, the company co-led a $24 million funding round for CertiK, a blockchain security firm, as part of its efforts to enhance security solutions for the decentralized finance (DeFi) sector.
In 2022, Tiger Global participated in a Series B funding round for Aleo, a platform specializing in zero-knowledge applications. Aleo raised $200 million in this round, with notable investors such as Kora Management LP and SoftBank Vision Fund 2 leading the investment. That same year, Tiger Global also invested in Polygon, a layer-2 network.
Tiger Global is not alone in reassessing its investments in the NFT space. On November 8, Coatue Management, a co-lead investor in OpenSea, also marked down its investment in the NFT marketplace by 90%. This revaluation reduced the value of Coatue’s stake in OpenSea from $120 million to $13 million, suggesting an on-paper valuation drop for OpenSea to $1.4 billion.
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