Singapore’s state investment fund Temasek has zeroed in on its $275 million investment in FTX company stock.
FTX, the world’s second largest cryptocurrency exchange, shook the financial industry. With the bankruptcy of FTX, investment and management companies continue to report losses. The company’s filing for Chapter 11 bankruptcy also prompted creditors. Many investment and management companies are preparing for litigation processes. Another company affected by the collapse of FTX was Temasek. The Singapore state fund has acknowledged that its $275 million investment has been reset.
Temasek Doesn’t Blame Cryptocurrencies
Investment firm Temasek sees its loss from FTX stock as insignificant compared to its overall portfolio assets. However, the company made a loss of $275 million from these investments.
The investment company stated that these investments are shares of FTX company. The company reproached that investments in FTX were titled cryptocurrencies. In the statement, it was stated that the investments are in company shares and there is no risk in cryptocurrencies.
Temasek explained that its investments are owned by 1 percent of FTX International and 1.5 percent of FTX US. Additionally, the company stated that all FTX investments account for 0.09 percent of the overall company asset portfolio.
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