Warren Buffett into Crypto: Berkshire Hathaway Invests $1 Billion in Crypto-Friendly Bank — DailyCoin
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The “sage of Omaha,” the billionaire investor Warren Buffett, became infamous for calling Bitcoin a rat poison in the crypto community. But, contrary to his previous views, a company owned by the legendary investor has made an investment in Bitcoin.
Berkshire Hathaway made its crypto investment public in an SEC security filing dated February 14. The filing shows that Buffett’s company has bought stocks of $1 billion in a crypto-friendly bank, Nubank.
Berkshire Invests in Crypto-Friendly Bank
Nubank, the recipient of the $1 billion from Warren Buffett’s company, is the largest digital bank in Latin America.
Although the Brazil-based neobank does not allow cryptocurrency trading, its investment unit arm, NuInvest, allows users to put money in a Bitcoin ETF.
This is not the first investment of Berkshire Hathaway into Nubank. The firm invested $500 million in July 2021 and $150 million in December 2021 after Nubank debuted on the New York Stock Exchange (NYSE) .
The investment in Nubank as Berkshire Hathaway dumped a portion of its Visa and Mastercard holdings. Prior to the Nubank investment, the company had sold $1.8 billion worth of its Visa stock and $1.3 billion in Mastercard stocks.
The increasing number of venture capital firms making their way into the cryptoverse is driven by their investors’ ever-increasing demand for crypto exposure.
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