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KPMG Canada Adds Crypto to Its Balance Sheet
The accounting firm acquired an undisclosed amount of bitcoin and ether using Gemini Trust’s execution and custody services.
By Brandy Betz
Updated May 11, 2023, 7:14 p.m. Published Feb 7, 2022, 7:05 p.m.
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The Canadian branch of accounting giant KPMG has made its first allocation of crypto assets to its corporate treasury.
The privately held firm said Monday it acquired bitcoin and ether on its balance sheet through Gemini Trust Company’s execution and custody services.
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- KPMG Canada declined to disclose the amount of bitcoin and ether purchased when contacted by CoinDesk.
- The Toronto-based company established a governance committee to oversee and approve the treasury allocation, which included a risk assessment and review of the tax and accounting implications.
- “KPMG in Canada is bullish on cryptoassets, we believe they are here to stay, and we’ll consider other innovative investment opportunities in the future," KPMG Canada spokesperson Roula Meditskos told CoinDesk.
- In a press release, Kareem Sadek, advisory partner of cyprotassets and blockchain services at KPMG Canada, noted that "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.”
- With the allocation, KPMG joins the ranks of major companies holding crypto on their balance sheet. The group includes software company MicroStrategy (MSTR), electric car giant Tesla (TSLA) and payment firm Square (SQ).
Read more: Accounting Standards Are Key to Getting Digital Assets on Corporate Balance Sheets
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