KPMG in Canada buys Bitcoin and Ethereum, prices rally
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 in Canada has added Bitcoin and Ethereum to its balance sheet, the multinational company becoming the latest among big-name institutions to look at the leading cryptocurrencies as investment opportunities.
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.”
Apart from the top two digital assets, KPMG is also investing in “carbon offsets” as it seeks to maintain 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 noted that cryptocurrencies were a “maturing asset class,” currently attracting all types of investors, including hedge funds, family offices, pension funds, and large insurers.
While the above investor class has increasingly looked to gain exposure to Bitcoin and other cryptocurrencies, banks and other financial advisors continue to explore how best to offer crypto-related products and services, Thomas added.
KPMG plans to invest in other sectors of the crypto ecosystem, including decentralized finance (DeFi), non-fungible tokens (NFTs), and the metaverse, the statement added.
KPMG in Canada has not revealed how much they have invested in each of the crypto assets. However, this move sees the company join other mainstream firms like Tesla, MicroStrategy and Block (formerly Square) in adding BTC to their balance sheet.
The firm said it invested in the two cryptocurrencies through Gemini Trust Company LLC.
The price of Bitcoin rallied on Monday afternoon as 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.