KPMG in Canada added Bitcoin and Ethereum to its corporate treasury as part of a commitment to emerging technologies and asset classes, becoming one of the highest profile mainstream firms to invest in cryptocurrencies.
- The auditing, tax and advisory partnership didn’t disclose how much in cryptocurrency it purchased
KPMG said in a statement, the purchases were made through Gemini Trust Co.,which is providing custody services.
KPMG’ is an auditor for MicroStrategy Inc., the biggest corporate advocate for buying Bitcoin and has made it part of the software company’s strategy.
No doubt, Tesla has been the only high-profile corporation to buy Bitcoin, a policy later backed away from by Elon Musk.
“Having gone through this process ourselves now, we’re confident we can guide clients and prospective clients through the process of crypto asset treasury allocation,” KPMG said, adding;
“Our investment allows us to share our journey, our experiences, our challenges with them so that we can help them navigate the crypto asset world.” Bloomberg reports
Owning digital assets as part of treasury can be risky, however, due to big swings in cryptocurrency prices.
KPMG is a global organization comprised of many independent entities.
Bitcoin is down about 35% from an all-time high set in early November.