Ontario Teachers', one of Canada's largest pension funds with nearly $250 billion in assets under management (AUM), will write down the entirety of its $95 million investment in FTX after the troubled crypto exchange filed for bankruptcy protection.
The fund said it invested $75 million in FTX International and its U.S. entity FTX.US in October 2021, and then another $20 million in FTX.US in January of this year, according to a statement. The investments were made through Teachers’ Venture Growth (TVG) platform and represented less than 0.05% of the fund's total net assets, the statement added.
"The financial loss from this investment will have limited impact on the Plan, given its size relative to our total net assets and our strong financial position," said Ontario Teachers'. "However, we are disappointed with the outcome of this investment, take all losses seriously and will use this experience to further strengthen our approach."
Ontario Teachers had $242.5 billion in assets under managements, as of June 30, according to a recent investor presentation.
This isn't the first time a large Canadian pension fund got caught up in the crypto-related contagion. In August, Caisse de Depot et Placement du Quebec – with more than $300 billion in AUM – wrote down its entire $150 million investment in failed crypto lender Celsius Network.
Read more: Who Still Has Exposure to FTX?
CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk offers all employees above a certain salary threshold, including journalists, stock options in the Bullish group as part of their compensation.