KPMG Canada Adds Bitcoin and Ethereum to Reserves

The KPMG firm, one of the Big Four auditors, announced the addition of Bitcoin and Ethereum to the balance sheet of its Canadian arm.

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

“This investment reflects our conviction that institutional adoption of crypto assets and blockchain technology will continue and that they will be anchored as a permanent part of the asset mix,” the press release said.

The company purchased an undisclosed amount of BTC and ETH through the Gemini Trust service.

Excited to share the news that @KPMG_Canada has acquired Bitcoin and Ethereum on its balance sheet🚀 https://t.co/RdG1LTMpCe

— Gemini Institutional (@GeminiInsti) February 7, 2022

KPMG will continue to expand capabilities in the DeFi sector, non-fungible tokens and the metaverses. The firm will also acquire carbon credits as part of its ESG commitments.

In 2020, KPMG developed specialized software Chain Fusion, designed to facilitate the management of crypto assets for traditional financial institutions and fintech startups.

In the same year, the auditor announced the creation of a strategic alliance with analytics firm Coin Metrics. Later, the custodian BitGo joined.

Tesla, the electric-vehicle maker, posted a $101 million impairment loss on Bitcoin held on its balance sheet in 2021.

In January, the analytics software provider MicroStrategy disclosed the purchase of 660 BTC at a price of about $37,865. The average price of the company’s 125,051 BTC held is $30,200.

According to ForkLog report, for the first month of 2022 among public miners reserves increased Bitfarms Limited (+1300 BTC), Riot Blockchain (+894 BTC), Argo Blockchain (+278 BTC), Hut8 Mining Corp (+276 BTC) and Hive Blockchain (+229 BTC).

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