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KPMG adds Bitcoin & Ethereum to its Balance Sheet

Corporate giant KPMG no joins the likes of MicroStrategy and Tesla in adding Bitcoin to their balance sheets. Bitcoin price has rallied above $44,000, having bounced higher since last week. KPMG Canada has added Bitcoin to its balance sheet. This multinational company is the latest to consider investing in the top cryptocurrencies. In a statement…

  • Corporate giant KPMG no joins the likes of MicroStrategy and Tesla in adding Bitcoin to their balance sheets.
  • Bitcoin price has rallied above $44,000, having bounced higher since last week.

KPMG Canada has added Bitcoin to its balance sheet. This multinational company is the latest to consider investing in the top cryptocurrencies.

In a statement released on Monday, KPMG Canada said it had allocated BTC and ETH to its corporate treasury, completing what is now the audit, tax, and advisory firm’s “first direct investment in crypto assets. “

KPMG also invests in “carbon offsets” to ensure a net zero carbon footprint.

According to the company, this is designed to help it continue to commit to environmental, social, and governance (ESG) principles.

This investment reflects our belief that institutional adoption of cryptoassets and blockchain technology will continue to grow and become a regular part of the asset mix,” said Benjie Thomas, the managing partner for advisory services at KPMG in Canada.

He also stated that cryptocurrencies are a “maturing investment class” and were currently attracted by all types of investors including family offices, hedge funds, pension funds, large insurers, and even family offices.

While the above investor group has been increasingly interested in Bitcoin and other cryptocurrency, banks and other financial advisers continue to investigate how to best offer crypto-related products, Thomas said.

KPMG will invest in other areas of the crypto ecosystem including non-fungible tokens and decentralized finance (DeFi), the statement said.

KPMG Canada has not disclosed how much they have invested into each crypto asset. This move will see the company joining other mainstream companies like Tesla, MicroStrategy, and Block (formerly Square), in adding BTC into their balance sheets.

The firm stated that it had invested in two cryptocurrencies through Gemini Trust Company LLC.

The price of Bitcoin rose on Monday after the news broke. The BTC/USD pair reached intraday highs of $44,477 and was looking to extend the upside that accelerated over the weekend.

Ethereum’s ETH has jumped 6% in the past 24 hours to trade above $3,180, according to data from CoinGecko.

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