KPMG Canada balance sheet now includes Bitcoin and Ethereum

The two largest cryptocurrencies by market capitalization were direct investments made today by KPMG Canada.

KPMG Canada balance sheet now includes Bitcoin and Ethereum

Bitcoin and Ethereum, the two largest cryptocurrencies by market capitalization, were direct investments made today by KPMG Canada.

KPMG is one of the "big four" accounting organizations, along with Pricewaterhouse Coopers, Deloitte, and Ernst & Young.

Large institutions, including MicroStrategy, Square, and Tesla, are adding cryptocurrency to their balance sheets as a growing trend.

According to the statement released by the Canadian section of the accounting giant, they "believe that institutional adoption of crypto assets and blockchain technology will continue to grow and become a regular part of the asset mix."

The company did not disclose how much they invested but said they bought carbon offsets to maintain net-zero carbon emissions.

Benjie Thomas, managing partner of KPMG's advisory services in Canada, said, "Crypto assets are a maturing asset class."

Hedge funds, family offices, large insurers, and pension funds are gaining exposure to crypto assets, as well as traditional financial service providers such as banks, financial advisors, and brokerage companies.

Kareem Sadek, KPMG Canada's advisory partner and co-leader of crypto assets and blockchain services, explained how the company will expand into other crypto-related industries.

"Our crypto-asset practice is strong, and we will continue to build on our capabilities in areas such as Decentralized Finance (DeFi), Non-Fungible Tokens (NFTs), and the Metaverse, name just a few. We expect to see significant growth in these areas in the coming years," he said.

Cryptocurrency has been added to KPMG's balance sheet for the first time. This trend was started by MicroStrategy in August 2020, when the company bought $250 million worth of Bitcoin.

Based on Bitcoin Treasuries data, KPMG now holds $5.5 billion of the biggest digital asset.