Singapore’s Temasek Holdings wrote off investments in the cryptocurrency exchange FTX and its U.S. subsidiary FTX US. The group recorded total losses of $275 million.
Our statement on FTX. https://t.co/pok0EfNEwq
— Temasek (@Temasek) November 17, 2022
\”Given FTX’s financial position, we decided to write off all our investments in the company, regardless of the bankruptcy protection ruling,\” the statement said.
According to the press release, Temasek contributed $210 million to FTX International and $65 million to FTX US. Its stakes in the holding structures were described as minority — 1% and 1.5% respectively. The investments were made in two rounds of financing between October 2021 and January 2022.
The value of Temasek’s investments in the FTX business accounts for 0.09% of the portfolio’s net worth, which as of March 31, 2022 was estimated at around $298 billion.
In July 2021, the group joined an industry-record Series B round for the exchange worth $900 million and increased it to $1 billion.
In October, FTX closed a Series B-1 funding round for $420.69 million, after which its valuation reached $25 billion.
In January 2022, the exchange founded by Sam Bankman-Fried announced raising $400 million as part of a Series C funding round. The business valuation reached $32 billion.
In the same month, the American subsidiary closed a Series A funding round of $400 million at a valuation of $8 billion.
Temasek Holdings also participated in the last three deals.
Earlier, Sequoia Capital acknowledged a loss of $213.5 million on its FTX investments.
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