KPMG Canada Adds Bitcoin And Ethereum To Its Corporate Treasury

KPMG in Canada has completed an allocation of cryptoassets to its corporate treasury, the firm’s first direct investment in cryptoassets.

The allocation includes Bitcoin (BTC) and Ethereum (ETH), as well as carbon offsets to maintain a net-zero carbon transaction to deliver on the firm’s stated environmental, social, and governance (ESG) commitments.

“Cryptoassets are a maturing asset class,” says Benjie Thomas, Canadian Managing Partner, Advisory Services, “Investors such as hedge funds and family offices to large insurers and pension funds are increasingly gaining exposure to cryptoassets, and traditional financial services such as banks, financial advisors and brokerages are exploring offering products and services involving cryptoassets. This investment reflects their belief that institutional adoption of cryptoassets and blockchain technology will continue to grow and become a regular part of the asset mix,” he added.

KPMG established a governance committee to provide oversight and approve the treasury allocation. The committee included stakeholders from Finance, Risk Management, Advisory, Audit, and Tax, and it undertook and completed a rigorous risk assessment process that included a review of regulatory, reputational, and custodial risks. This firm’s specialists also assessed the tax and accounting implications of the transaction.

The investment illustrates the firm’s outlook on emerging technologies underpinned by blockchain.

“The cryptoasset industry continues to grow and mature and it needs to be considered by financial services and institutional investors,” says Kareem Sadek, Advisory Partner, Cryptoassets and Blockchain Services co-leader.

“We’ve invested in a strong cryptoassets practice and we will continue to enhance and build on their capabilities across Decentralized Finance (DeFi), Non-Fungible Tokens (NFTs) and the Metaverse, to name a few. We expect to see a lot of growth in these areas in the years to come,” he added.

KPMG in Canada acquired Bitcoin and Ethereum on its balance sheet through Gemini Trust Company LLC’s execution and custody services.

About KPMG in Canada

KPMG LLP, a limited liability partnership, is a full-service Audit, Tax and Advisory firm owned and operated by Canadians. For over 150 years, their professionals have provided consulting, accounting, auditing, and tax services to Canadians, inspiring confidence, empowering change, and driving innovation. Guided by their core values of Integrity, Excellence, Courage, Together, For Better, this firm employs nearly 8,000 people in over 40 locations across Canada, serving private- and public-sector clients. KPMG is consistently ranked one of Canada’s top employers and one of the best places to work in the country.

The firm is established under the laws of Ontario and is a member of KPMG’s global organization of independent member firms affiliated with KPMG International, a private English company limited by guarantee. Each KPMG firm is a legally distinct and separate entity and describes itself as such. 

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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