Key Takeaways
- • Temasek Holdings wrote off its entire $275 million investment in FTX in November 2025, following the cryptocurrency exchange's collapse in late 2024, representing a total loss on capital deployed across two funding rounds between October 2021 and January 2022.
- • The sovereign wealth fund reduced compensation for investment team members and senior management collectively responsible for the FTX decision, though the specific percentage of pay cuts was not disclosed.
- • Temasek has adopted a cautious stance on cryptocurrency investments going forward, stating it is "not currently looking to invest in crypto firms" due to regulatory uncertainty, with its last publicly announced crypto startup investment occurring in July 2024.
- • The $275 million loss represented only 0.09% of Temasek's net portfolio value of S$403 billion (approximately $294 billion) as of March 31, 2022, with Singapore's fiscal reserves remaining unimpacted by the write-down.
- • Deputy Prime Minister and Finance Minister Lawrence Wong acknowledged reputational damage to the fund in December 2024, noting that Temasek's losses were not mitigated by the fact that other institutional investors including BlackRock and Sequoia Capital also invested in FTX.
Summary
Temasek Holdings, Singapore's state-owned sovereign wealth fund, has reinforced its retreat from cryptocurrency investments following its complete loss on a $275 million investment in FTX. The fund wrote off the entire position in November 2025, nearly one year after the cryptocurrency exchange's dramatic collapse. Temasek had deployed the capital across two funding rounds—$210 million in October 2021 and $65 million in January 2022—after conducting what it described as an eight-month evaluation period that included review of audited financial statements.
In response to the failed investment, Temasek implemented disciplinary measures against responsible personnel. The investment team and senior management who made the FTX investment decisions received reduced compensation packages, with the fund stating that these parties "took collective accountability" for the outcome. However, Temasek declined to specify the magnitude of the pay reductions. The fund also expressed disappointment with both the investment outcome and its negative impact on organizational reputation.
Going forward, Temasek has signaled a sustained pullback from cryptocurrency exposure. The fund stated it is "not currently looking to invest in crypto firms," citing substantial regulatory uncertainty in the sector as a primary constraint. This conservative positioning represents a marked shift from the fund's earlier venture capital activity; its last publicly announced investment in a cryptocurrency startup dates to July 2024, suggesting a gradual wind-down of crypto allocations rather than an immediate cessation.
The financial impact of the FTX loss, while material in absolute terms, remained proportionally modest within Temasek's broader portfolio. The $275 million represented just 0.09% of the fund's net portfolio value of S$403 billion (approximately $294 billion) as of March 31, 2022. Singapore's fiscal reserves were not impacted by the write-down. Nonetheless, Deputy Prime Minister Lawrence Wong acknowledged in December 2024 that the losses had caused reputational damage to the fund, a concern that appeared to carry weight despite the fund's participation alongside other major institutional investors, including BlackRock and Sequoia Capital, in FTX's funding rounds.
In response to the failed investment, Temasek implemented disciplinary measures against responsible personnel. The investment team and senior management who made the FTX investment decisions received reduced compensation packages, with the fund stating that these parties "took collective accountability" for the outcome. However, Temasek declined to specify the magnitude of the pay reductions. The fund also expressed disappointment with both the investment outcome and its negative impact on organizational reputation.
Going forward, Temasek has signaled a sustained pullback from cryptocurrency exposure. The fund stated it is "not currently looking to invest in crypto firms," citing substantial regulatory uncertainty in the sector as a primary constraint. This conservative positioning represents a marked shift from the fund's earlier venture capital activity; its last publicly announced investment in a cryptocurrency startup dates to July 2024, suggesting a gradual wind-down of crypto allocations rather than an immediate cessation.
The financial impact of the FTX loss, while material in absolute terms, remained proportionally modest within Temasek's broader portfolio. The $275 million represented just 0.09% of the fund's net portfolio value of S$403 billion (approximately $294 billion) as of March 31, 2022. Singapore's fiscal reserves were not impacted by the write-down. Nonetheless, Deputy Prime Minister Lawrence Wong acknowledged in December 2024 that the losses had caused reputational damage to the fund, a concern that appeared to carry weight despite the fund's participation alongside other major institutional investors, including BlackRock and Sequoia Capital, in FTX's funding rounds.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.