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Temasek Chief Investment Officer Nagi Hamiyeh told CNBC the Singapore sovereign wealth fund still has no plans to invest directly in cryptocurrencies, three years after recognizing an approximately $275 million impairment on its FTX stake.
"We have no direct crypto investments," Hamiyeh said, citing ongoing regulatory uncertainty as the reason crypto remains "outside our investment scope." Temasek will continue to monitor blockchain and related infrastructure applications in the real economy, a carve-out that has been the fund's public stance since the 2022 collapse.
For a sovereign with roughly $300 billion in assets under management, the stance matters less for any single allocation than as a read on institutional risk appetite. Temasek's continued caution, even as spot Bitcoin ETFs and clearer US frameworks reshape the conversation, signals how the 2022 event cycle still weighs on the slowest-moving pools of capital.
Frequently asked questions
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Why is Temasek not investing directly in crypto?
Chief Investment Officer Nagi Hamiyeh cited regulatory uncertainty as the reason crypto remains "outside our investment scope," three years after Temasek took an approximately $275 million impairment on its FTX stake.
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How much did Temasek lose on FTX?
Temasek recognized an approximately $275 million impairment on its FTX investment in 2022 following the exchange's collapse.
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Is Temasek investing in blockchain at all?
Yes. Temasek is still monitoring blockchain and related infrastructure applications in the real economy, a carve-out its CIO drew explicitly between direct token exposure and the underlying technology rails.
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How large is Temasek's portfolio?
Temasek is the Singapore sovereign wealth fund, with roughly $300 billion in assets under management.
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What does Temasek's stance signal for institutional adoption?
Temasek's continued caution, even as spot Bitcoin ETFs and clearer US regulatory frameworks reshape the institutional conversation, indicates that the 2022 event cycle still weighs on the slowest-moving pools of institutional capital.
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