Warren Buffett, known for his skepticism toward cryptocurrencies, has sold his entire stake in Nubank, one of Latin America's most crypto-friendly banks. Berkshire Hathaway sold its 40.2 million shares in Nubank's parent business, Nu Holdings, before Buffett's exit from the company.
Berkshire began selling its Nubank shares in 2024, in stages over several quarters. The deals generated a total gain of around $250 million from the initial investment. Nubank has been doing well, generating good earnings in recent quarters. In Q1 2025, the corporation recorded a 47% rise in net profits over the previous year.
Buffett's divestment is consistent with Berkshire's overall shift away from the financial industry, including the sale of Citigroup and a reduction in its Bank of America holding. Nubank has been actively embracing crypto services in Brazil, enabling trading in a variety of cryptocurrencies via its app. In 2022, the neobank allocated 1% of its net assets to Bitcoin, increasing Buffett's indirect exposure to the cryptocurrency despite his opposition.
Following the disposal of its financial sector holdings, Berkshire's cash reserves have reached a record $347.8 billion, including $305.5 billion in short-term US Treasury securities.
