Nubank, a Brazilian digital bank backed by Warren Buffett’s Berkshire Hathaway, is reportedly planning an initial public offering (IPO) on Nasdaq. Nubank offers crypto-friendly and bitcoin exchange traded fund (ETF) investments. The bank said: “the CRYPTOCURRENCY ETF could be a way to further democratize access to cryptorynku.”
Digital bank backed by Warren Buffett’s Berkshire Hathaway reportedly plans IPO on Nasdaq
Tu Pagamentos SA, also known as Nubank, said it plans to conduct an initial public offering (IPO) of more than $ 2 billion on the Nasdaq Stock Exchange by the end of this year.
Nubank is backed by billionaire Warren Buffett’s Berkshire Hathaway Inc. In June, Berkshire invested $ 500 million in a digital bank in Sao Paulo, which has more than 40 million customers in Latin America.
Nubank could aim to be worth more than $ 40 billion, according to people. Details may change, however, while discussions are still ongoing. The bank was valued at $ 10.4 billion after raising a private fund in early 2019, but the valuation rose to $ 30 billion in June after Berkshire’s $ 500 million investment.
With a valuation of over $ 40 billion, Nubank could be the second most valuable financial institution in Latin America. Tu is currently the most valuable, with a market capitalisation of $ 55bn, followed by Brazil’s Itau Unibanco Holding SA, Tu $ 41bn, followed by Banco Bradesco sa.
Banks offering share sales under the planned IPO include Morgan Stanley, Goldman Sachs Group Inc., Citigroup Inc. and UBS Group AG.
Nubank is a crypto-friendly bank. It offers a bitcoin exchange traded fund (ETF) investment through Easynvest, a trading platform that was acquired and renamed “Easynvest by Nubank” earlier this year.
The bitcoin ETF offered by Easynvest is QBTC11 from QR Asset Management. It was the first Bitcoin ETF approved by the Brazilian Securities and Exchange Commission (CVM). This list.
