Canada’s Largest Pension Fund No Longer Mulling Crypto Investment: Reuters

CPP Investment has nearly $400 billion in assets under management.

AccessTimeIconDec 7, 2022 at 8:22 p.m. UTC
Updated May 9, 2023 at 4:04 a.m. UTC

Having managed to sidestep the crypto investments that burned two other major Canadian pension funds, CPP Investment (CPPI) said it is no longer pursuing opportunities in that sector, reports Reuters.

Though declining to comment on the specific reasons, Reuters said CPPI pointed to comments made earlier this year by CEO John Graham: “You want to really think about what the underlying intrinsic value is of some of these assets and build your portfolio accordingly … So I'd say crypto is something we continue to look at and try to understand, but we just haven't really invested in it."

Thus the plan, which manages C$529 billion (US$388 billion) for nearly 20 million Canadians, managed to avoid the losses suffered by peers Ontario Teachers’ (C$250 billion AUM), which had to fully write off its $95 million investment in crypto exchange FTX, and Caisse de Depot et Placement du Quebec (C$300 billion AUM), which fully wrote down its $150 million investment in crypto lender Celsius Network.

CPPI hasn’t returned a CoinDesk request for comment.


DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

CoinDesk - Unknown

Xinyi Luo is CoinDesk Layer 2's features and opinion intern. She does not currently hold any cryptocurrencies.


Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.


Read more about