Tiger Global marks down stakes in BAYC, OpenSea: Bloomberg

Following layoffs at BAYC parent Yuga Labs and OpenSea, Tiger Global marked down its stakes

article-image

Tada Images/Shutterstock modified by Blockworks

share

Tiger Global reportedly marked down stakes in Bored Ape Yacht Club and OpenSea by 69% and 94% respectively, according to Bloomberg. 

Tiger Global manages around $50 billion. It recorded an 18% paper loss in its largest fund at the end of September, the report states. 

Both OpenSea and BAYC parent company Yuga Labs cut jobs as part of restructuring earlier this fall. Yuga’s cuts impacted US teams, leaving over 120 employees at the company. Yuga, in March 2022, was valued at $4 billion.  

OpenSea cut around 50% of its workforce, a spokesperson confirmed to Blockworks at the time. The cuts came after a round of layoffs last year which saw the NFT marketplace slash 20% of its workforce. 

OpenSea CEO Devin Finzer said that the platform would be “shifting to a smaller team with a direct connection to users.” At its peak in 2022, OpenSea was valued at $13 billion

Both companies have been impacted by the slump in the NFT market, which has not bounced back following its 2022 peak. 

A JPMorgan report from Nov. 30 found that there has been a “positive impact” on both the NFT and DeFi spaces following the speculation around potential spot bitcoin ETF approvals. 

However, as analyst Nikolaos Panigirtzoglou notes, “While we do not doubt this recent revival in DeFi/NFT activity is a positive sign, we believe it is too early to be getting excited about it.”

Panigirtzoglou also attributed the launch of marketplaces such as Blur — a direct competitor to OpenSea — as part of the pick up in interest. 

Tiger Global isn’t the only one marking down its stake in the NFT marketplace either. As reported by The Information, Coatue cut the value of its stake by roughly 90% at the beginning of November. The marketplace’s value sits a little over $1 billion. 

Tiger Global did not immediately return a request for comment.


Get the news in your inbox. Explore Blockworks newsletters:

Tags

Decoding crypto and the markets. Daily, with Byron Gilliam.

Upcoming Events

Javits Center North | 445 11th Ave

Tues - Thurs, March 24 - 26, 2026

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

recent research

Unlocked by Template.png

Research

The march toward an interoperable and onchain-by-default internet depends on reliable messaging and value transfer across heterogeneous domains. Crosschain protocols now process >$1.3T in combined annual transfer volume and secure tens of millions of user interactions, yet no single design dominates.

article-image

The goal, per Santiago Santos, is to make crypto a relatable piece of tech for people who may not even understand it

article-image

Stripe stablecoin unit aims to operate under a federal charter enabling regulated stablecoin issuance and custody services

by Blockworks /
article-image

Will TradFi make crypto better or create more problems than it solves?

article-image

Subtle decisions by risk curators saved Aave from significant turmoil

article-image

The new Rootstock Institutional unit aims to connect professional investors to Bitcoin-native yield and liquidity strategies anchored in BTC’s security layer

by Blockworks /
article-image

DOJ files record civil forfeiture against more than 127,000 BTC linked to scam activity

by Blockworks /