Warren Buffett’s firm Berkshire Hathaway has sold payment giant Visa and Mastercard stocks to acquire 40 million Nubank shares worth $1 billion in Q4 2021. Nubank is Brazil’s largest fintech bank, a Bitcoin-friendly firm, popular among investors.
In a Securities & Exchange Commission (SEC) filing on February 14, Berkshire Hathaway disclosed the purchase of Nubank’s Class A stocks. The firm sold $3.1 billion in Visa and Mastercard stocks, reducing exposure to credit companies.
Buffett is best known for his critique of Bitcoin; the business magnate used the term “rat poison squared” to describe the cryptocurrency. Despite the veteran investors’ approach to Bitcoin, there is a rise in Berkshire Hathaway’s exposure to BTC-friendly firms and institutions.
Nubank is a fintech bank that allows users to invest in cryptocurrency ETFs, and Berkshire Hathaway has no intention of reducing exposure to the firm. Berkshire Hathaway’s recent investment decisions show the acknowledgment of the rise in Bitcoin mainstream acceptance and adoption.
Fintech companies have added Bitcoin to their balance sheet or rapidly offered related services to users over the past two years, as the asset gained higher popularity. Berkshire Hathaway’s willingness to associate with a Bitcoin-friendly fintech giant fuels a bullish narrative for Bitcoin price.
