The Canadian Pension Fund will write off the investment in FTX $ 95 million
One of the largest pension funds of Canada – Ontario Teachers ’Pension Plan (OTPP) – will write off investments in the FTX cryptocurrency exchange and the American unit of the FTX US platform. The structure estimated the total losses at $ 95 million.
“At the end of the year, we will write off investments in FTX to zero. Financial losses from these investments will have a limited effect on [OTPP], given their size in relation to the net value of assets and our position, ”the statement said.
According to the press release, in October 2021, OTPP invested $ 75 million in FTX International. In January 2022, the Fund invested an additional $ 20 How to list your million in FTX US.
Both transactions were completed through the Teachers ’Venture Growth (TVG) platform.
OTPP said that investment in Sam Bankman-Frida amounted to less than 0.05% of the clean value of the fund’s assets. The total AUM structure is estimated at $ 242 billion.
Earlier investments in FTX were written off by the Singapore State Holding Temasek. He estimated the losses of $ 275 million.
Recall that the venture company Sequoia Capital recognized the loss of $ 213.5 million in investment in the cryptocurrency exchange of Bankman-Frid.
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