Investment firm Tiger Global has reportedly marked down several investments, including stakes in popular nonfungible 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 marked down its stakes on BAYC by 69% and on OpenSea by 94%. In addition, the company also slashed valuations for multiple other portfolio companies, according to the report.
Cointelegraph reached out to Tiger Global for comments but did not get an immediate response.
Tiger Global has been actively investing in various areas in the crypto space. Apart from NFTs, the firm also invests in blockchain security and privacy-focused projects. In 2021, Tiger Global co-led a $24 million funding round for blockchain security firm CertiK as it made efforts 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 applications platform Aleo. The privacy project raised $200 million, with investors like Kora Management LP and SoftBank Vision Fund 2 leading the investment round. The same year, Tiger Global also invested in the layer-2 network Polygon.
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