Canadian pension fund Caisse de dépôt et placement du Québec (CDPQ) has revealed that it wrote off its investment in Celsius. Quebec’s pension fund Caisse de depot et placement du Quebec (CDPQ) had invested $150 million (CAD$200 millions) in the crypto lender.
CDPQ holds assets worth approximately $303 trillion (CAD$392Billion) It revealed the Celsius investment was written off while presenting its six-month (first quarter of the year returns report), where it found that the pension fund had made an average return at -7.9%.
CDPQ refunded its Celsius investment.
Charles Emond, CDPQ CEO, said that the decision was made to write off the investment after extensive due diligence. Experts and consultants were involved. He also added that the decision was out of prudence saying that the fund had “arrived too soon” while the cryptocurrency sector was in transition.
CDPQ made Celsius’s investment in October last year during a $400 Million round led by WestCap Group.
Celsius has been fighting to keep its feet on the ground since the Terra Luna financial crisis that plunged Celsius in a financial crisis. After halting withdrawals because of worsening market conditions, and arising liquidity issues, it filed Chapter 11 Bankruptcy. Kirkland & Ellis filed a petition on Sunday showing that Celsius, the crypto lender, could go bankrupt in October.
Celsius owes $2.8 billion to depositors in crypto it has held since the suspension of withdrawals. Celsius is currently working on a restructuring plan, which includes the establishment of a second Bitcoin mining plant in order to return to financial stability.