The situation also calls into question FTX’s plans to officially launch its business in Canada by acquiring Calgary-based Bitvo Inc.
Teachers, which is Canada’s third-largest pension fund, invested in trading platform FTX Ltd. a year ago at an announced US$25-billion valuation. Teachers watched Tuesday as FTX sold itself to rival Binance Holdings Ltd. after facing what Binance called a “liquidity crunch” for FTX.
Bahamas-based FTX is the second-largest crypto-exchange in the world, with Binance in first place, according to industry data from CoinMarketCap, the leading price-tracking website for cryptocurrencies. Binance, which was initially based in China but now claims no official headquarters, acquired CoinMarketCap in 2020.
“Given the fluid nature of the situation we have no comment right now,” Teachers’ spokesperson Dan Madge said Tuesday. He declined to say how large the investment was but noted that FTX was not included in the pension plan’s list of investments of more than $200-million in its 2021 annual report. A spokesperson for FTX declined to comment on Tuesday. Binance did not respond to requests for comment from The Globe and Mail.
“In this case, we came in too early,” Charles Emond, chief executive of the Caisse, said in August. “I’d say maybe there was too much focus on the company’s potential than on the real state of affairs,” he said, when Caisse announced the writedown.
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