Berkshire Hathaway, a company headed by CEO Warren Buffett, has invested $500 million in professional digital bank Nubank, said it will offer bitcoin investments after acquiring brokerage Easynvest, Brazil’s first bitcoin exchange-traded fund (ETF).
Berkshire Hathaway Invests in Pro-Bitcoin Digital Bank
Warren Buffett’s Berkshire Hathaway Inc. has invested $500 million in the parent company of Nubank, a Bitcoin-friendly digital bank in Brazil, the South American company announced Tuesday. This is part of the bank’s Series G financing round that began in January. The bank said it was also raising $250 from other investors.
Founded in 2013, Nubank has 40 million customers, making it the world’s largest digital bank in terms of number of customers. With the new investment, Nubank has become “the world’s most valuable digital bank and one of the largest financial institutions in Latin America,” Reuters announcement details noted that the new investment brings Nubank to 30,000. million dollars, which is only slightly less than three Brazilian banks Banco Santander Brasil SA. Earlier publications reported that the bank was planning to enter the US stock market as early as this year.
Pro Bitcoin Nubank has repeatedly said it will offer bitcoin investments to its clients following the acquisition of Easynvest, a brokerage firm that offers bitcoin exchange-traded funds (ETFs). Buying Easynvest in May last week The bank rebranded Easynvest to Easynvest by Nubank.
The Bitcoin ETF presented by Easynvest, QBTC11 by QR Asset Management, is the first bitcoin ETF to be approved by the Brazilian Securities and Exchange Commission (CVM). It is listed on the B3 Stock Exchange, one of the largest exchanges in Latin. America and the second oldest in Brazil.
Nubank said on Tuesday it plans to use the proceeds to finance its expansion into Mexico and Colombia, launch new products and services and hire more employees.
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