Pension Fund of Canada Writes Off $150M Investment in Celsius

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Caisse de dépôt et Placement du Québec (CDPQ) has posted a write-off of CAD 200 million or about $150 million of investments in crypto lending platform Celsius Network.

The step is connected with the principle of conservatism of financial statements, the company explained. Pension fund CEO Charles Emond has admitted he was too hasty to enter the industry, which is in its infancy.

He has added Celsius has undergone a comprehensive due diligence “involving many experts and consultants.” Over the past six months, CDPQ, with assets of CAD 392 billion ($303 billion), provided clients with an average loss of 7.9%.