Warren Buffett’s Berkshire Hathaway announced that it has invested nearly half a billion USD in Latin America’s largest financial technology bank, Nubank. Headquartered in São Paulo, Brazil, Nubank is a private digital bank, catering to around 40 million customers at present.
Interestingly, Nubank, the financial institution that received $500 million from Berkshire Hathaway, had acquired brokerage firm Easynvest recently. Together, the two entities plan on offering investments in Bitcoin exchange-traded funds to customers.
The deal was in the works since late 2020 and was finalized earlier this year.
Nevertheless, crypto influencers have been trying to get Buffett’s attention towards the booming market. In January 2020, Justin Sun, CEO of TRON foundation invited Buffett for lunch along with several prominent figures from the crypto industry, including Litecoin creator Charlie Lee and eToro founder Yoni Assia.
After the lunch, which is reported to have cost $4 million, Sun tweeted that he gifted a smartphone with a preinstalled wallet carrying some BTC and TRX to Buffett.
So far, the investment in Nubank has had little impact on Berkshire’s class B shares.