The investment firm Tiger Global has lowered the anticipated value of a number of its holdings, including its positions in well-known nonfungible token (NFT) initiatives like the Bored Ape Yacht Club (BAYC) collection and the NFT marketplace OpenSea.
Tiger Global reportedly reduced the value of its OpenSea and BAYC shares by 94% and 69%, respectively, according to unnamed sources cited by Bloomberg. The article claims that the company has reduced the valuations of a number of other companies in its portfolio.
Tiger Global has been actively investing in a number of cryptocurrency-related sectors. Apart from NFTs, the company has made investments in blockchain privacy and security initiatives.
In an attempt to improve security options for the decentralized finance (DeFi) industry, Tiger Global co-led a $24 million fundraising round for the blockchain security startup CertiK in 2021.
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