Berkshire Hathaway, led by Warren Buffett, has expanded its position in Brazilian digital bank Nubank. Recent filings with the U.S. Securities and Exchange Commission show Berkshire’s stake increased from 0.1% in Q4 2022 to 0.4% in Q3 2024, bringing its total holdings to 86 million shares valued at nearly $1.2 billion.
Berkshire Deepens Its Nubank Position
Nubank is a Brazil-based digital banking company with exposure to the cryptocurrency market through its own crypto offering. Berkshire first backed the company in its 2021 Series G round, investing $500 million and later adding another $250 million. The latest increase suggests Berkshire has continued to build on that earlier bet.
Nubank’s Crypto Business Remains a Key Detail
In 2022, Nubank launched Nubank Cripto, a platform supporting bitcoin, ether, and polygon. The service allows users to send, receive, and convert crypto assets, positioning Nubank as more than a traditional fintech player and giving it a direct role in the digital asset market.
Buffett’s Past Criticism Adds Contrast
The development stands out because Buffett has repeatedly criticized cryptocurrencies. At Berkshire Hathaway’s 2022 shareholder meeting, he said that even if he were offered all the bitcoin in the world for $25, he would not buy it, arguing that it does not produce anything of value on its own.
That history makes Berkshire’s larger Nubank stake noteworthy. While the move does not mean the conglomerate is directly buying cryptocurrencies, it does increase its exposure to a financial platform with crypto services. For market observers, that may indicate a greater willingness to back businesses connected to the digital asset economy, even if Buffett’s personal views on crypto remain unchanged.