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 <p class="is-style-lead">Investment firm Tiger Global is said to have marked down the value of its <a rel="noopener noreferrer nofollow" title="stakes" href="https://thebittimes.com/tag/stakes.html">stakes</a> in Bored Ape Yacht Club and OpenSea.</p>
 <p>According to a <a rel="noopener noreferrer nofollow" title="report" href="https://thebittimes.com/tag/report.html">report</a> from Bloomberg, the New York-headquartered investment firm has slashed its <a rel="noopener noreferrer nofollow" title="stakes" href="https://thebittimes.com/tag/stakes.html">stakes</a> 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.</p>
 <p>As per the <a rel="noopener noreferrer nofollow" title="report" href="https://thebittimes.com/tag/report.html">report</a>, the VC firm also slashed its <a rel="noopener noreferrer nofollow" title="stake" href="https://thebittimes.com/tag/stake.html">stake</a> 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.</p>
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 <p>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 statements on the matter.</p>
 <p>This is the second firm that has slashed its stakes in OpenSea this quarter as the whole market of non-fungible tokens remains tepid.</p>
 <p>In early November 2023, crypto.news reported that Coatue Management, a U.S.-based tech investment firm, also reduced the valuation of its investment in the NFT marketplace by 90%. According to multiple reports, Coatue slashed its stake from an initial $120 million to a mere $13 million.</p>
 <p>The BAYC collection is also facing hurdles as the current price floor of a digital monkey is staying at 28.6 ETH, a 77% decline from its all-time high in May 2022, according to data from NFT Price Floor.</p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/vc-giant-tiger-global-reportedly-cut-stakes-in-opensea-and-nft-collection-bayc-tbt72266.html">https://thebittimes.com/vc-giant-tiger-global-reportedly-cut-stakes-in-opensea-and-nft-collection-bayc-tbt72266.html</a></p>

VC giant Tiger Global reportedly cut stakes in OpenSea and NFT collection BAYC

TheBitTimes

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