Tiger Global, an investment firm, has reportedly made significant reductions in its investments, including slashing stakes in prominent non-fungible token (NFT) projects such as the Bored Ape Yacht Club (BAYC) series and the NFT marketplace OpenSea.
According to Bloomberg, citing unnamed sources, the firm decreased its holdings in BAYC by 69% and OpenSea by 94%. Alongside these adjustments, Tiger Global apparently also revised down the valuations of several other companies in its portfolio.
Cointelegraph reached out to Tiger Global for a statement but has not yet received a response regarding these reported investment changes.
Tiger Global has demonstrated active involvement in diverse segments of the cryptocurrency realm. Beyond NFTs, the company has invested in blockchain security and privacy initiatives. In 2021, Tiger Global co-led a $24 million funding round for CertiK, a blockchain security firm focusing on expanding security products within the decentralized finance (DeFi) sphere.
In the subsequent year, Tiger Global participated in Aleo's Series B investment, an application platform focusing on zero-knowledge technology. Aleo secured $200 million in funding, with investors including Kora Management LP and SoftBank Vision Fund 2. Additionally, in 2022, Tiger Global also entered into an investment deal with Polygon, a second-layer network project.
This shift by Tiger Global to reduce investments in the NFT domain follows a trend in the industry. On November 8, OpenSea and co-leading investor Coatue Management notably cut their investments in the NFT market by 90%. Coatue slashed the value of its stake in OpenSea from $120 million to $13 million, consequently lowering OpenSea's on-paper valuation to $1.4 billion.
