One of Canada’s largest pension fund managers CDPQhas canceled its $150 million investment in the recently bankrupt crypto lending firm Celsius Network.
recently declared bankruptcy Celsius While trying to escape from the dark clouds on his head, he also wets his surroundings. Caisse de dépôt et place du Québec (CDPQ) has canceled its $150 million investment in Celsius.
Canada Pension Fund’s Loss Increases With Celsius Investment
It’s already known that things are not going well for Celsius. However, the fact that CDPQ, which announced a loss in the first half of the year, increased its loss ratio, which puts the company in trouble.
The company reported a loss of $26 billion for the first half of the year, which equates to a return of -7.9 percent, according to a press release by CDPQ. With the cancellation of the Celcius investment, this figure increased by another 150 million dollars.
CDPQ CEO talking about canceling $150 million investment in Celsius Charles Edmondsaid:
“We knew there were challenges with crypto assets, but perhaps we underestimated those challenges.”
CEO Charles Edmond also stated that CDPQ does not expect to get any of its money back.
