Warren Buffett’s Berkshire Hathaway Bought $1B Worth of Stocks of Crypto-Friendly Bank

Warren Buffett’s investment giant dumped shares of the two traditional financial service companies – Visa and Mastercard – while acquiring stocks of Nubank – a crypto-friendly Brazilian banking organization, show recent SEC filings.

• Buffett, one of the most prominent legacy investors, has not been a fan of the crypto industry, to say the least.
• Back in 2018, he called bitcoin “rat poison squared” and is among the few critics that are yet to reverse their views on the asset.
• However, the most recent documents his investment company filed with the SEC show that Berkshire Hathaway made a couple of changes to its portfolio that could be regarded as pro-crypto.
• The firm has maintained its strong position on banks, but it has also added a neobank in the face of the Brazilian company – Nubank. Berkshire ultimately bought $1 billion worth of Nubank’s shares in Q4 2021, after investing $500 million in it in June 2021 through a Series G funding round.
• Nubank has displayed a somewhat friendly approach towards crypto, as its investment unit – Nulvest – allows customers to invest in digital asset ETFs.
• At the same time, Berkshire has dumped $1.8 billion worth of Visa stock and $1.3 billion worth of Mastercard shares.
• Apart from Buffett, his partner in Berkshire – Charlie Munger – is also a critic who recently wished that digital assets were never invented.