The Information: Coatue has reduced the value of its holdings in OpenSea by 90%, and OpenSea's valuation may drop significantly to $1.4 billion

According to ChainCatcher, The Information reported that in the second quarter of this year, investment management company Coatue reduced the value of its OpenSea shares, which were once worth $120 million, by 90% to $13 million, indicating that OpenSea's valuation is $1.4 billion or lower.

According to the crypto data platform RootData, OpenSea announced in January 2022 that it reached a valuation of $13.3 billion during a $300 million Series C funding round led by Coatue and Paradigm. ChainCatcher previously reported that last week OpenSea announced it had laid off 50% of its staff and would be restructuring the team around "OpenSea 2.0."

In addition, The Information stated that, besides OpenSea, Coatue also wrote down the value of its shares in the Web3 infrastructure company MoonPay by 90%.