Coatue Management reduces OpenSea stake by 90%

According to documents reviewed by TheInformation, Coatue Management, a US investment management company focused on technology, has reduced its stake in OpenSea by nearly 90%. Coatue reduced its stake in the NFT platform worth $120 million to $13 million in the second quarter of 2023. This move indicates that OpenSea's valuation is not more than $1.4 billion. In addition to OpenSea, Coatue also reduced its stake in MoonPay, a web3 infrastructure company, by 90%.