Temasek Holdings, the Singapore state-owned investment firm with around $400 billion in assets, has officially ruled out direct cryptocurrency investments, citing persistent regulatory uncertainty and the lasting impact of its $275 million write-down on FTX.
Nagi Hamiyeh, president of Temasek Global Investments, confirmed the stance in an interview, stating, “We don’t have directly any investment in crypto.” He added that the fund cannot yet forecast the role crypto will play in the wider economy given varying regulatory frameworks. This decision marks a continued caution since the 2022 FTX collapse, which prompted the Monetary Authority of Singapore to tighten oversight and raise compliance costs for digital asset players.
The fund is instead redirecting capital toward artificial intelligence, aiming to increase AI-related holdings to 15% of its portfolio by 2031, up from 6% in early 2026. Hamiyeh described the AI investment cycle as having “just begun” and poised to last for decades, though he cautioned that valuations in parts of the sector have outstripped business fundamentals.
While direct token exposure remains off the table, Temasek continues to explore blockchain use cases in settlement, supply chain, identity management, and enterprise data flows. This infrastructure-focused approach allows the firm to monitor digital asset innovation without absorbing daily volatility. The pivot reflects a broader institutional trend where major investors favor tokenization and payment rails over outright coin holdings, aligning with Temasek’s strategy to avoid speculative exposure while tracking technological development.
At the time of the report, Bitcoin traded near $62,824 and Ethereum at $1,750, keeping institutional liquidity under scrutiny. The fund’s cautious posture underscores the reputational and regulatory risks that still shadow crypto markets for sovereign investors.
