• Ontario Teachers’ Pension Plan (OTPP) – Canada’s largest single-profession pension plan – invested $95 million in FTX, a now-bankrupt exchange.
• Jo Taylor, Chief Executive Officer of the pension plan, told the Financial Times that they regret any losses on their members’ behalf and will refrain from cryptocurrency investments due to this experience.
• The fund has previously shown support toward FTX, making two separate investments in 2021 and early 2022 for a total of $95 million.

Canada’s Largest Pension Fund Stays Away From Crypto

Ontario Teachers’ Pension Plan’s Investment in FTX

Ontario Teachers’ Pension Plan (OTPP) – Canada’s largest single-profession pension plan – was among the prominent backers of the now-bankrupt exchange FTX, investing $95 million.

Change of Heart After the Implosion

Jo Taylor – Chief Executive Officer of the $190 billion pension plan – told the Financial Times that the entity will refrain from cryptocurrency investments due to their experiences with FTX. This decision was based in part on “feedback from our members.” OTPP had previously made two separate investments in 2021 and early 2022 for a total of $95 million.

Accountability and Losses

While OTPP’s investment accounted for less than 0.05% of its total assets, they faced criticism (like many others) for dealing with a company whose financial situation eventually ended up costing them everything they invested. Taylor said that it would be unwise for them to rush into another crypto investment based on what happened with FTX: “We regret any loss on their behalf.”

Reaction to Criticism

Taylor also noted that part of their decision to stay away from crypto came as a result of feedback from their members who were critical of their involvement with FTX: “We’ve had some learnings from the investment. We’ve had feedback from our members.”

Conclusion

In conclusion, OTPP’s bad experience with FTX has caused them to rethink their approach when it comes to cryptocurrencies and other digital assets – opting out until further notice due to potential losses they could incur on behalf of their members should they invest once more