Berkshire Hathaway Increases Stake in Nubank to 0.4%
Berkshire Hathaway has significantly increased its stake in Nubank, a leading Brazilian digital bank, according to recent filings with the U.S. Securities and Exchange Commission (SEC). The financial giant’s holdings in Nubank rose from 0.1% in Q4 2022 to 0.4% in Q3 2024, bringing its total shares to 86 million, valued at approximately $1.2 billion.
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Nubank, renowned for its innovative approach to digital banking, is a prominent player in the cryptocurrency sector. The bank operates its own crypto platform, Nubank Cripto, which allows users to buy, sell, and manage cryptocurrencies like Bitcoin, Ethereum, and Polygon. Berkshire Hathaway first invested in Nubank during its 2021 Series G funding round, contributing $500 million, followed by an additional $250 million later that year.
Despite Warren Buffett’s historically critical stance on cryptocurrencies, the increased investment in Nubank hints at a potential shift in Berkshire Hathaway’s strategy. Buffett, Berkshire’s Chairman and CEO, famously expressed skepticism about Bitcoin at the 2022 shareholders meeting, stating, “If you offered me all the Bitcoin in the world for $25, I wouldn’t take it. It doesn’t produce anything.”
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However, Nubank’s integration of cryptocurrency services and its growing presence in the financial technology landscape may have influenced Berkshire Hathaway’s decision to deepen its involvement. The move could signal an acknowledgment of the growing importance of digital assets and fintech innovations in the global economy.
