Investment firm Tiger Global has reportedly downgraded several investments, including stakes in popular non-fungible token projects like the Bored Ape Yacht Club (BAYC) collection and nft marketplace OpenSea.
Citing anonymous sources, media outlet Bloomberg reported that the investment company reduced its holdings in BAYC by 69% and in OpenSea by 94%. In addition, the company also cut the valuations of many other companies in its portfolio, according to the report.
Cointelegraph contacted Tiger Global for comment but did not receive an immediate response.
Tiger Global has been actively investing in various areas of the crypto space. In addition to NFTs, the company also invests in projects focused on blockchain privacy and security. In 2021, Tiger Global co-led a $24 million funding round for blockchain security company CertiK as it worked to expand its security offerings for the decentralized finance (DeFi) sector.
In 2022 it participated in a Series B investment round for the zero-knowledge application platform Aleo. The privacy project raised $200 million, with investors including Kora Management LP and SoftBank Vision Fund 2 leading the investment round. The same year, Tiger Global also invested in the Polygon layer 2 network.
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Tiger Global is not the first to reduce its investments in the nft space. On November 8, Coatue Management, OpenSea's lead co-investor, reduced its investment in the nft market by 90%. Coatue reduced the value of its stake in the nft platform from $120 million to $13 million, meaning OpenSea's paper valuation fell to $1.4 billion.
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