Warren Buffett’s Berkshire Hathaway Increases Holdings in Brazilian Digital Bank Nubank

Berkshire Hathaway, led by the legendary investor Warren Buffett, 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), Berkshire Hathaway’s ownership in Nubank has grown from 0.1% in Q4 2022 to 0.4% in Q3 2024, amounting to approximately 86 million Nubank shares, valued at nearly $1.2 billion.

Nubank, which has expanded its services to include a cryptocurrency platform—Nubank Cripto—has captured the attention of investors with its focus on digital banking and crypto offerings. Nubank Cripto supports popular cryptocurrencies like Bitcoin, Ethereum, and Polygon, enabling users to send, receive, and convert these assets.

Berkshire Hathaway’s involvement with Nubank started during its 2021 Series G funding round when it contributed $500 million, followed by an additional $250 million investment. This growing investment in Nubank suggests a shift in strategy, especially considering Warren Buffett’s previously well-documented skepticism towards cryptocurrencies. At the 2022 Berkshire Hathaway shareholder meeting, Buffett famously stated that he wouldn’t buy all the Bitcoin in the world, noting it has no inherent value.

However, with Berkshire Hathaway’s increased interest in Nubank, a bank that is actively participating in the cryptocurrency space, it raises the possibility that Buffett’s perspective on digital assets may be evolving, or at the very least, Berkshire Hathaway is adapting to the changing landscape of finance.

This move could signal a growing acceptance of cryptocurrencies within traditional financial circles, with major firms like Berkshire Hathaway beginning to acknowledge the potential of digital finance platforms in emerging markets. As Nubank continues to innovate in the crypto space, Berkshire’s increased stake might position it to benefit from the continued growth of crypto adoption in Brazil and beyond.