What Warren Buffet had invested in Nubank (NUBR33)everyone already knew.
The issue, however, was how much exactly the oracle of Omaha had invested in Brazilian fintech — and the amount goes beyond the US$ 500 million reported last year.
In a securities filing made on February 14, the Berkshire Hathaway (BERK34) announced that it had purchased $1 billion worth of Nubank class A shares in the fourth quarter of 2021, while selling $1.6 billion and $1.3 trillion worth of Visa and Mastercard shares, respectively.
According to Bloomberg, Berkshire bought 10% of the shares for sale before the company’s IPO.
In June last year, months before the company went public, Berkshire invested $500 million in Nu Pagamentos SA.
The sale of shares of the traditional Visa and Mastercard flags may indicate Buffett’s approach to fintechs, a financial sector that has been growing in recent years, and even greater openness towards cryptocurrencies.
This is because Nubank is known as a “crypto-friendly” digital bank, or “crypto market friendly”, in literal translation.
Despite not (yet) accepting cryptocurrency transactions, Nubank’s investment unit, NuInvest, allows users to invest in crypto ETFs.
Buffett displayed some animosity toward cryptocurrencies, calling them “rat poison squared” in 2018 — but his opinion may have changed.
And the mega investor is not known for wasting investment opportunities.
Source: Moneytimes
I am an author at Global happenings and I mostly cover automobile news. In my time working in the automotive industry, I have developed a keen interest in the latest developments and trends. My writing skills have also allowed me to share my knowledge with others through articles and blog posts.
