Over the past few years, venture capitalists have poured hundreds of millions of dollars into the crypto darlings seen as the next big thing, but now the honeymoon phase is over.
One of the most notable VC firms, Tiger Global Management, has marked down its stake in Bored Ape Yacht Club and OpenSea by 69% and 94%, respectively, since investing in the companies, Bloomberg reported. The firm, which manages about $50 billion, recorded an 18% paper loss in its biggest fund at the end of September amid the markdowns, according to people familiar with the matter cited by Bloomberg.
