OpenSea's Valuation Plunges 90% as Coatue Slashes Stake Value
Coatue Management, a major investor in OpenSea, has reduced the value of its stake in the struggling non-fungible-token marketplace by 90%, implying a valuation of $1.4 billion or less. The markdown reflects a reassessment of investments made during the crypto boom, as the market has deteriorated. OpenSea had previously been valued at $13.3 billion in a funding round led by Coatue and Paradigm.