One of the leading global investment funds, Tiger Global Management, has significantly reduced the valuation of its investments in the Bored Ape Yacht Club (BAYC) project and the NFT platform OpenSea, as reported by Bloomberg, citing sources.

According to the publication, the fund has cut the value of its investments in these projects by 69% and 94% respectively. A similar decrease in value is observed in other companies that are part of the Private Investment Partners 15 (PIP) portfolio of Tiger Global Management, including the AI startup Superhuman and the search engine DuckDuckGo, whose valuations have fallen by 45% and 72%.

Tiger Global Management launched PIP at the end of 2021, raising $12.7 billion and entering the top 10 largest investment funds in the world. By December 2022, amid a prolonged downturn in the cryptocurrency sector, PIP's unrealized loss reached 20%. By September 2023, this figure had decreased to 18%, as noted by Bloomberg.

Despite a 2% reduction in overall unrealized loss over the quarter, the value of some projects, including BAYC and OpenSea, has significantly dropped. Representatives of the fund declined to comment on the situation. Earlier reports indicated a significant drop in the market value of OpenSea, presumably by more than 90% — from $13.3 billion to $1.4 billion.