Canada’s Largest Pension Fund Steers Clear of Crypto After FTX Loss

• Ontario Teachers’ Pension Plan (OTPP) – Canada’s largest single-profession pension plan – decided not to rush into another cryptocurrency investment following its bad experience with FTX.
• OTPP invested $95 million in the now-bankrupt exchange, which shrank the sum to virtually zero.
• CEO Jo Taylor of the $190 billion pension plan said that they will refrain from future crypto investments due to losses triggered by FTX and feedback from their members.

Canada’s Largest Pension Fund Writes Off FTX Investment

Ontario Teacher’s Pension Plan (OTPP), Canada’s largest single-profession pension plan, has written off its $95 million investment in now-bankrupt crypto exchange FTX after suffering large losses.

OTPP Refrains From Future Crypto Investments

CEO Jo Taylor of the $190 billion pension plan has stated that they will refrain from any future cryptocurrency investments due to losses triggered by the FTX implosion and feedback from their members.

OTPP Invested in Two Separate Rounds

OTTP had previously shown support towards FTX, making two separate investments in 2021 and early 2022 for a total amount of $95 million when it was one of the leading exchanges during a bull market. The fund’s investment accounted for less than 0.05% of its total assets, but faced criticism nonetheless for dealing with such an entity.

Feedback From Members Affected Decision

The organization took into account “feedback from our members” before deciding not to rush into such investments again according to Taylor: “We’ve had some learnings from the investment. We’ve had feedback from our members.”

Regret at Any Loss on Member’s Behalf

Taylor expressed regret at any loss on behalf of their members: “We regret any loss on their behalf.”