In a fluctuating cryptocurrency market, Coatue Management has significantly reduced its stake in OpenSea, the popular non-fungible token (NFT) platform, by almost 90%. This dramatic reduction, from $120 million to $13 million, was reported after a review of the company’s financial documents.
Last year, OpenSea was valued at $13.3 billion and raised $300 million in a Series C funding round co-led by Coatue Management. However, faced with a bearish crypto market and a significant crash in the NFT market, the company saw its shareholders sell off their shares en masse. This situation led to a significant revaluation of the platform’s value.
Restructuring and the Future of OpenSea
In the face of these challenges, Devin Finzer, CEO of OpenSea, announced on November 3 a 50% reduction in staff across all departments as part of a company realignment. According to Finzer, the new team structure will be flatter and have fewer middle managers, highlighting a streamlining strategy in anticipation of brighter days for the NFT platform and the cryptocurrency market as a whole.