One of OpenSea’s biggest investors has marked down by 90% its stake in the struggling non-fungible-token marketplace, implying that the former crypto darling is now valued at $1.4 billion or less on paper. Coatue Management, a New York–based hedge and venture fund, slashed the value of its $120 million stake in the company to $13 million as of the second quarter of this year, according to a document viewed by The Information.
The previously unreported markdown shows how venture investors are reassessing the value of their investments made at the height of the crypto boom, following a severe deterioration in the market. At the start of last year, OpenSea sported a $13.3 billion valuation from a funding round co-led by Coatue and Paradigm.
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