Quebec Pension Fund loses almost entirety of its Celsius investment in less t...
"For us, it is clear, when we look at all this, we arrived too soon in a sector which was in transition," says CEO Charles Émond. According to local news outlet LaPresse on Wednesday, the Caisse de dépôt et placement du Québec (CDPQ), an institutional investor chartered with managing retirement assets in Canada's predominantly French-speaking province of Quebec, wrote off almost the entirety of its CA$200 million ($154.7 million) investment in troubled cryptocurrency lender Celsius Network. The move came just ten months after the CDPQ and growth equity firm WestCap made a joint investment....
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A major Canadian pension fund manager has written off a $150M investment in crypto lending platform Celsius Network as a total loss, expecting an impending shutter of the once high-flying CeFi platform. According to a report from the Financial Times, the fund is the second-largest in Canada and has signaled the write-off as being indicative of the funds’ expeditious decision to have exposure to crypto assets. Canadian Fund’s “Disappointment” Caisse de dépôt et placement du Québec, or CDPQ, is Canada’s second-largest pension fund in the country, according to....
The Trustee has objected to the retention bonus, citing a lack of sufficient information within the motion to warrant such a high payout and a lack of clarity around whether any recipients should be considered insiders. The U.S. Trustee overseeing the Celsius chapter 11 bankruptcy case, William Harrington, has objected to a Celsius motion that would see 62 of its 275 employees paid a retention bonus totaling $2.96 million.The Trustee has blasted Celsius in its supporting statement for the objection filed on Oct. 27, noting:“It defies logic, not to mention the Bankruptcy Code, that a....
"I am very sorry about the difficult financial circumstances members of our community are facing," writes Mashinsky. According to a new press release published on Tuesday, Alex Mashinsky, CEO of troubled crypto lender Celsius Network, has resigned effective immediately. In explaining the decision, Mashinsky wrote: "I regret that my continued role as CEO has become an increasing distraction, and I am very sorry about the difficult financial circumstances members of our community are facing. Since the pause, I have worked tirelessly to help the company and its advisors put forward a viable....
The $5.5 billion pension fund for the U.S. city of Houston’s firefighters has announced an investment in bitcoin and ether. “This investment marks the first announced investment in digital assets by a public pension plan in the U.S.”
‘A Watershed Moment for Bitcoin and Its Place in Public Pensions’
The Houston Firefighters’ Relief and Retirement Fund (HFRRF), the pension fund for the city of Houston’s firefighters, announced Thursday that it had purchased bitcoin and ether for the defined benefit plan’s portfolio. The....
American multinational financial services corporation, Morgan Stanley, has predicted that the U.K.’s Pension Protection Fund are likely to record their worst deficit ever. What is the Pension Protection Fund? Set up in April 2005, the Pension Protection Fund (PPF) was established to pay a pension to members of eligible defined benefit pension schemes if....