Accounting firm KPMG in Canada said it has added Bitcoin (BTC) and Ethereum (ETH) to its balance sheet as it focuses on emerging technologies and new asset classes.
The auditing, tax and advisory partnership didn’t disclose how much in cryptocurrency it currently holds. Carbon offsets were also added to make good on the firm’s environmental, social and governance (ESG) commitments, KPMG said in a written statement.
Canada has been ahead of the U.S. in terms of acceptance of digital coins and tokens, such as approving cryptocurrency exchange traded funds (ETFs).
To date, electric vehicle maker Tesla (TSLA) has been the most prominent corporation to buy Bitcoin, a policy later backed away from by Chief Executive Officer Elon Musk over concerns about the energy used in Bitcoin mining.
Owning cryptocurrency as part of a corporate treasury can be risky due to big swings in prices. The price of Bitcoin is currently down about 35% from an all-time high set last November.
Tesla took a $100 million fourth quarter impairment charge for its Bitcoin holdings after the value fell below the purchase price.
KPMG is a global organization comprised of many independent entities. KPMG in Canada employs nearly 8,000 people across the country
