Canada’s largest pension fund Ontario Teachers Said According to a Nov. 17 press statement, the company will write off $95 million in bankruptcy crypto exchange FTX.
Between October 2021 and January 2022, the pension fund made two investments in the distressed exchange through its Teachers’ Venture Growth (TVG) platform. The first investment in October 2021 was $75 million and the second investment was $20 million.
The two investments “represent less than 0.05% of (their) total net worth, equal to 0.4% and 0.5% ownership of FTX International and FTX.US, respectively.”
Ontario Teachers has revealed that it has conducted a robust due diligence process examining exchange-provided materials and other research materials on commercial, regulatory, tax, financial, technical and other matters.
The pension fund has said that any financial loss from the FTX investment will have a minimal impact on its plans given its size to total net assets and strong financial position.
Meanwhile, FTX said it fully supports the regulator’s efforts to investigate the risks and causes of FTX’s failure.
The Ontario teacher joins the list of investors who are canceling their investment in FTX. Earlier in the week, Singapore-owned Temasek announced it would write off his $275 million investment in the exchange.
Another investment firm, Sequoia Capital, immediately wrote off its $213.5 million investment in FTX on Nov. 10.