According to a report by The Information, the US investment management company Coatue Management, focusing on the technology sector, has reduced its stake in OpenSea by nearly 90%.
OpenSea raised $300 million in a Series C financing round led by Coatue Management and Paradigm last year, with a valuation of $13.3 billion. However, due to the decline in the NFT craze and the emergence of competitors like Blur, OpenSea’s business volume has significantly decreased in 2023, prompting Coatue Management to make the decision to cut losses and sell.
According to a document seen by The Information, as of the second quarter of this year, the New York-based hedge and venture capital fund Coatue Management has reduced the value of its holdings in OpenSea from $120 million to $13 million. The Information indicates that this means the current valuation of OpenSea, once a unicorn, may now be only $1.4 billion or less.
In addition to OpenSea, Coatue has also reduced its stake in the Web3 infrastructure company MoonPay by 90%.