Nubank, a Bitcoin-friendly bank, has received a $1 billion investment from Warren Buffett. He has, on the other hand, sold his Visa and Mastercard holdings. As a result, the billionaire now owns more enterprises that are directly or indirectly related to cryptocurrency.
Berkshire Hathaway, led by Warren Buffett, has sold its Visa and Mastercard holdings and expanded its stake in Nubank. Nubank is one of Brazil’s top fintech banks and a popular among Bitcoin investors.
The industrial powerhouse announced in a public statement on February 14 that it had purchased $1 billion in Nubank Class A stock in Q4/2021. At the same time, Buffett’s industrial conglomerate sold $1.8 billion and $1.3 billion worth of Visa and Mastercard stock, respectively.
It’s a clear indication that the company is moving its focus away from credit companies and toward fintech competitors.
Buffett, dubbed the “Oracle of Omaha,” is notorious for being cautious when it comes to investing in fintech, the hottest sector of the industry. Previously, experienced investors downplayed the decentralized finance solution, even mocking Bitcoin (BTC) as a non-creating asset.
Buffett’s investment in Nubank, on the other hand, shows that he is softening his stance on cryptocurrencies and is becoming more receptive to them. In July 2021, the firm invested $500 million in the venture. After Nubank debuted on the New York Stock Exchange in December 2021, the returns totaled $150 million (NYSE).
Buffett’s investment in Nubank shows that he recognizes the fintech sector’s relevance. The digitization of financial services is the fundamental topic of the fintech sector, and Buffett is willing to invest in bitcoin startups.
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