By Justina Lee
Singapore state investment company Temasek Holdings will write down its $275 million investment in FTX.com, irrespective of the outcome of the cryptocurrency exchange's bankruptcy protection filing, it said in a statement Thursday.
Temasek invested $210 million in FTX International for a minority stake of about 1%, and $65 million for a minority stake of about 1.5% in FTX US. This was across two funding rounds from October 2021 to January this year, it said.
The cost of Temasek's investment in FTX was 0.09% of its net portfolio value of 403 billion Singapore dollars (US$294.12 billion), it added.
"There have been misperceptions that our investment in FTX is an investment into cryptocurrencies," Temasek said. "To clarify, we currently have no direct exposure in cryptocurrencies."
The news comes after the beleaguered platform filed for bankruptcy protection. FTX.com and a slew of affiliates said they had more than 100,000 creditors and tens of billions of dollars in assets and liabilities.
The Monetary Authority of Singapore said in a statement earlier this week that the platform is "neither licensed nor exempted from licensing in Singapore."
"It is not possible, however, to prevent Singapore users from directly accessing overseas service providers. FTX.com was therefore able to onboard Singapore users," it noted.
Write to Justina Lee at justina.lee@wsj.com