TechFlow news, according to The Information, Coatue Management, a U.S. investment management firm focused on technology, has reduced its stake in OpenSea by 90%. In the second quarter of this year, Coatue lowered its OpenSea holdings from $120 million to $13 million. This implies a valuation of OpenSea at $1.4 billion or lower, far below its $13.3 billion valuation in early 2022.
In addition to OpenSea, Coatue also cut its stake in Web3 infrastructure company MoonPay by 90%.
Previously, OpenSea completed a $300 million Series C funding round last year, co-led by Coatue Management, when the company was valued at $13.3 billion. Last Friday, OpenSea confirmed it had laid off 50% of its workforce and would rebuild the team around "OpenSea 2.0."
Add to Favorites
Share to Social Media
