KPMG Canada Added ETH And BTC To Its Balance Sheet: Report

KPMG Canada added ETH and BTC to its balance sheet and the company is the latest in the line to buy crypto so let’s read further in today’s latest Bitcoin news.

KPMG Canada announced that it invested in Ethereum and Bitcoin which are the two biggest cryptocurrencies by market cap. The move is the latest among the growing trend from institutional players to add crypto to their portfolio as Tesla, Square, and Microstrategy did. The Canadian branch of the accounting giant said that the investment reflected their beliefs of institutional adoption of crypto assets and blockchain technology whcih will continue to grow and become a regular part of the asset mix. The company however didn’t say how much they invested but added that they bought carbon offsets to maintain a zero-net carbon transaction. The managing partner Benji Thomas said:

“Cryptoassets are a maturing asset class. Investors such as hedge funds and family offices to large insurers and pension funds are increasingly gaining exposure to cryptoassets, and traditional financial services such as banks, financial advisors, and brokerages are exploring offering products and services involving cryptoassets.”

Kareem Sadek who is the advisory partner for KPMG Canada but also blockchain services co-leader added that the company will expand further to other industries in the crypto world. He said:

“We’ve invested in a strong cryptoassets practice and we will continue to enhance and build on our capabilities across Decentralized Finance (DeFi), Non-Fungible Tokens (NFTs) and the Metaverse, to name a few. We expect to see a lot of growth in these areas in the years to come.”

KPMG Canada is the latest major company to add crypto assets to its balance sheet. Previously we saw software company MicroStrategy kicking off the trend in 2020 when it purchased a whopping $250 million worth of BTC. The company then proceeded to buy BTC and now holds more than $5 billion in the number one cryptocurrency according to the data from the Bitcoin Treasuries. Other companies like Square and Tesla also followed suit holding $355 million and $1.9 billion respectively.

We have just completed an allocation of cryptoassets to our corporate treasury, our firm’s first of its kind investment in the asset class. This includes Bitcoin and Ethereum tokens, and carbon offsets to maintain a net-zero carbon transaction: https://t.co/32hsKbnGuC

— KPMG Canada (@KPMG_Canada) February 7, 2022

Actually, KPMG is a British-Dutch multinational accounting organization, a part of the “big four” accounting organizations which include Ernst & Young, Deloitte, and PWC or PricewaterhouseCoopers.