Canadian Pension Manager CDPQ Loses Its $150 Million Celsius Investment

CDPQ, one of the biggest Canadian pension funds, has officially written off the $150 million investment it made in the now bankrupt crypto lender, Celsius. The company is not expecting to receive any of that sum back.

CDPQ’s representative stated that the company has underestimated the challenges of dealing with crypto, which is yet again proving to be a highly turbulent market. Moreover, CDPQ reported an overall loss of $26 billion in the first half of 2022, which equals a -7.9% return.

When CDPQ added Celsius to its portfolio in October 2021, the crypto lender had more than a million customers on the platform and $25 million worth of assets. However, as a consequence of the crypto winter, Celsius declared bankruptcy in July 2022.