Canadian pension manager says they invested "too soon" in the crypto sector after $150 million loss

Canadian caisse de dépôt et placement du Québec (CDPQ), Canada's second-largest pension fund manager, sunk $150 million into Celsius during a WestCap-led funding round announced in October 2021.

Needless to say, this hasn't worked out so hot for CDPQ—Celsius locked up its customers' funds in June and filed for bankruptcy in July, and the courts are in the middle of trying to figure out how to untangle it all. "For us it's clear when we look at all of this, even if the last chapter has not been written, that we went in too soon into a sector that was in transition", said CDPQ's CEO.

CDPQ reported a $33.6 billion loss in the first half of 2022, which they attribute mostly to declines in equity and bond markets.