The Ontario Teachers’ Pension Plan has announced that it is writing off the $95 million U.S. (Cdn$126 million) that it invested in bankrupt cryptocurrency exchange FTX.
In marking the FTX investment down to zero, the Ontario Teachers’ Pension Plan said it will have a “limited impact” on its finances.
The investment in FTX amounted to less than 0.05% of the $242.5 billion managed by the provincial pension fund.
In a written statement, the Ontario Teachers’ Pension Fund said: “We are disappointed with the outcome of this investment, take all losses seriously and will use this experience to further strengthen our approach.”
The Toronto-based pension manager initially invested $75 million U.S. in FTX’s international and U.S. divisions in October 2021. It invested a further $20 million U.S. in FTX this past January.
FTX filed for bankruptcy on November 11, citing $8 billion U.S. in losses and more than one million creditors.
This is the second time in three months that a major Canadian pension fund has been forced to write off a cryptocurrency investment.
In August, the Caisse de Depot et Placement du Quebec wrote off a $150 million investment it made in Celsius Network after that crypto lender went bankrupt.
