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The Canadian pension fund giant cancels its bet on Celsius (CEL)

In 2021, the Caisse de dépôt et de placement du Québec (CDPQ) decided to enter the crypto sector. At the time, it had made a multimillion-dollar investment in Celsius (CEL). Today, the Caisse regrets this investment and it indicated it during a webcast on its half-year results.

Celsius, crypto

CDPQ regrets its $150 million stake in Celsius (CEL)

Under tweet from CoinDesk on August 17th,” Canadian pension fund giant CDPQ has said it will cancel its entire $150 million bet on the failed crypto lender. ». The CDPQ has therefore decided to cancel the investment he made in Celsius (CEL) in the fall of 2021. The Credit Union has made it clear that it acted prematurely in entering the sector.

In 2021, at the time of the investment in Celsius, the first vice-president who is also responsible for the Caisse’s technology had suggested that this was a good opportunity. Indeed, Alexander Synnett had said: “ Blockchain technology has the potential to disrupt several sectors of the traditional economy. As the adoption of digital assets increases, we intend to seize the right opportunities, while working with our partners towards a regulated industry. ».

This Wednesday, Charles Emond said that the Cashier had arrived “ too early in a sector in transition ». He said that the pension fund had nevertheless carried out the necessary checks before investing. Charles happens to be the current chief executive officer of the CDPQ.

The Canadian pension giant has decided to cancel the $150 million investment made in Celsius (CEL) in 2021. Recall that Celsius (CEL) ran out of cash and went bankrupt because of the crypto winter. The company is currently undergoing a procedure to successfully stay afloat and repay its creditors.

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