Temasek Holdings, Singapore's state-owned investment giant, has made it clear that it is not interested in investing directly in cryptocurrencies after its high-profile bet on FTX went up in smoke. The firm, which manages a portfolio valued at roughly $521 billion as of mid-2026, has not made a single direct cryptocurrency investment since its FTX stake was written down to zero in November 2022.
The firm invested $210 million for a roughly 1% stake in FTX International and another $65 million for about 1.5% of FTX US, totaling $275 million that was lost when Sam Bankman-Fried's exchange imploded. The firm has maintained that it had 'no direct exposure in cryptocurrencies' at the time.
Instead of crypto, Temasek's forward-looking strategy is focused on artificial intelligence and infrastructure, two themes that do not include digital tokens. The firm's chief investment officer stated in July 2023 that the firm was 'not looking to invest in crypto firms right now,' citing regulatory uncertainties as the primary reason.