Temasek made a $210 million USD investment in FTX International, granting it a 1% minority stake. Additionally, between October 2021 and January 2022, it invested $65 million for a 1.5% minority stake in FTX US over the course of two funding rounds. The company reported that the total cost of its investment was 0.09% of its $403 billion SGD ($293 billion USD) net portfolio value.
Temasek was clear to state that its investment in FTX was not a cryptocurrency investment. To be clear, it said, “We do not currently have any direct exposure to cryptocurrencies.” Instead, it chose to support FTX because it was a “leading digital asset exchange providing us with protocol agnostic and market neutral exposure to crypto markets with a fee income model and no trading or balance risk sheet.”