Berkshire Hathaway Increases Stake in Crypto-Adjacent Bank Nu Holdings, Holding Worth Nearly $1.2 Billion

BlockBeats News, January 23rd. According to Fortune, the latest disclosure from the U.S. Securities and Exchange Commission (SEC) shows that Berkshire Hathaway's stake in the Brazilian digital bank Nu Holdings increased from 0.1% in the fourth quarter of 2022 to 0.4% in the third quarter of the 2024 fiscal year, currently holding over 86 million shares valued at nearly $1.2 billion. The company's stock price has risen by 34% in the past year.

Nu Holdings initially received a $500 million investment from Berkshire in the 2021 G round of financing, followed by an additional $250 million. The company launched the cryptocurrency platform Nubank Cripto in 2022, initially supporting Bitcoin, Ethereum, and Polygon, and has now expanded to support Uniswap and Chainlink, allowing users to send, receive, and exchange cryptocurrencies.

This investment starkly contrasts with Buffett's previous attitude towards cryptocurrency. Buffett had called Bitcoin "rat poison squared" at the 2018 Berkshire Hathaway annual shareholders meeting and stated in 2022 that he would not even buy it if someone offered to sell all the world's Bitcoin for $25.