Canadian pension fund Caisse de dépôt et placement du Québec (CDPQ) revealed in its semi-annual report Wednesday that it has written off a $150 million investment in crypto lending platform Celsius.

CDPQ, which manages about C$392 billion ($303 billion) in assets, said the company's average return in the first half was -7.9%. 

As for the reason for quitting, CEO Charles Emond said the crypto space was in transition and that the company "entered too early".

In October last year, CDPQ invested C$200 million, or about $150 million, in Celsius in a $400 million investment led by the WestCap Group. The Quebec pension giant called Celsius "the world's leading cryptocurrency lending platform" and said the funding will help the company's valuation reach more than $3 billion.

Celsius entered the Chapter 11 process in July, and forecasts filed last week by law firm Kirkland & Ellis suggested the company could run out of cash flow in October.

By Mary Liu