- Corporate giant KPMG joins companies like MicroStrategy and Tesla by adding Bitcoin to its balance sheet.
- Bitcoin price climbed above $44,000, rebounding higher from last week.
KPMG in Canada has added Bitcoin and Ethereum to its corporate treasury. The global professional services firm is the latest well-known organization to view leading cryptocurrencies as part of its investment strategy.
In a statement released Monday, KPMG Canada said it allocated BTC and ETH to its corporate treasury, marking what it described as its “first direct investment in crypto assets.”
Alongside the two largest digital assets, KPMG said it is investing in carbon offsetting to help maintain a net-zero carbon footprint.
The firm added that this approach supports its ongoing adherence to environmental, social, and governance (ESG) principles.
“This investment reflects our belief that institutional adoption of cryptocurrencies and blockchain technology will continue to grow and become a regular part of the asset mix,” said Benjie Thomas, Managing Partner of Advisory Services at KPMG in Canada.
He also noted that cryptocurrencies are a “maturing asset class” now drawing a wide range of investors, including hedge funds, family offices, pension funds, and large insurers.
While these investor groups increasingly seek exposure to Bitcoin and other cryptocurrencies, banks and other financial advisors are still exploring how best to offer crypto-related products and services, Thomas added.
KPMG plans to invest in other areas of the crypto ecosystem as well, including decentralized finance (DeFi), non-fungible tokens (NFTs), and the metaverse.
KPMG in Canada did not disclose how much it invested in each digital asset. Still, the move places the firm alongside mainstream companies such as Tesla, MicroStrategy, and Block (formerly Square) that have added BTC to their balance sheets.
The company said it made the two crypto investments through Gemini Trust Company LLC.
Bitcoin’s price rose Monday afternoon after the announcement. The BTC/USD pair reached an intraday high of $44,477 as the rally that began over the weekend continued.
According to CoinGecko data, Ethereum jumped about 6% over the past 24 hours, trading above $3,180.