Quebec’s Pension Manager Has Written off Its Stake in Celsius

Quebec’s $303 billion pension manager has written off its stake in bankrupt cryptocurrency lender Celsius Network LLC, with its chief executive officer conceding the fund invested “too soon” in the sector. Charles Emond, CEO of the Caisse de Depot et Placement du Quebec, spoke publicly for the first time Wednesday about the fund’s decision last year to invest $150 million in Celsius. He described the crypto industry as a sector “in transition” but defended the work done by CDPQ’s staff.