Nicknamed the “sage of Omaha,” billionaire investor Warren Buffett became infamous for calling Bitcoin a “rat poison“ in the crypto community. However, contrary to his prior remarks, a company owned by the legendary investor has made investment into Bitcoin.
Berkshire Hathaway made its crypto investment public in an SEC security filing dated February 14th. The filing shows that Buffett’s company acquired stocks worth $1 billion into crypto-friendly bank, Nubank.
Berkshire Invests in Crypto-Friendly Bank
Nubank, the recipient of this $1 billion injection 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 into a Bitcoin ETF.
This is not the first investment that Berkshire Hathaway has made into Nubank. The firm previously invested $500 million in July 2021, and $150 million in December 2021 after Nubank debuted on the New York Stock Exchange (NYSE), making this the 3rd iteration of interest made by Buffet’s company.
The investment into Nubank came as Berkshire Hathaway dumped a portion of its Visa and Mastercard holdings. Prior to the Nubank investment, the company sold $1.8 billion worth of its Visa stock, and $1.3 billion in Mastercard stocks.
On the Flipside
- Charlie Munger, Buffett’s longtime partner and vice chairman of Berkshire Hathaway, remains opposed to cryptocurrencies wishing they had “never been invented.”
Why You Should Care
The increasing number of venture capital firms making their way into the cryptoverse is being driven by their investors’ ever-increasing demand for crypto exposure.
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