Temasek Holdings Writes Off Major Investment in Crypto Exchange FTX

Temasek Holdings, a company based in Singapore, has written off investments (amounting to $275M) in FTX and its US division FTX.US.

The company has reported the following via a statement:

“Given FTX’s financial position, we have decided to write off all of our investments in the company, regardless of the decision in the bankruptcy protection case.”

According to a press release, Temasek provided $210 million to FTX International and $65 million to FTX US. The holding called its shares in the structures minority: 1% and 1.5%, respectively. The investment was made in two funding rounds between October 2021 and January 2022.

The value of investments in the FTX business represents 0.09% of the net worth of Temasek’s portfolio, which was valued at almost $300 billion as of March 31, 2022.