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Nubank, a Brazilian digital bank backed by Warren Buffett’s Berkshire Hathaway, is said to have scheduled an initial public offering (IPO) on the Nasdaq. Nubank is crypto-compatible and offers bitcoin exchange-traded fund (ETF) investments. The bank said, “The cryptocurrency ETF may be a way to further democratize access to the crypto market.”
Warren Buffett’s Berkshire Hathaway-backed digital bank reportedly intends to IPO on Nasdaq
Nu Pagamentos SA, also known as Nubank, plans an initial public offering (IPO) of more than $ 2 billion on the Nasdaq stock exchange by the end of this year, Bloomberg reported on Thursday, citing people familiar with the matter. .
Nubank is backed by billionaire Warren Buffett’s Berkshire Hathaway Inc. In June, Berkshire invested $ 500 million in the Sao Paulo-based digital bank that has more than 40 million customers in Latin America.
According to people, Nubank could ask for a valuation of over $ 40 billion. However, details may change as discussions are still ongoing. The bank was valued at $ 10.4 billion after a private fundraiser in early 2019, but its valuation soared to $ 30 billion in June after Berkshire’s $ 500 million investment.
With a valuation of over $ 40 billion, Nubank could become the second largest financial institution in Latin America. The most valuable currently is the Brazilian company Itau Unibanco Holding SA with a market value of $ 55 billion, followed by Banco Bradesco SA with around $ 41 billion.
Banks handling the sale of shares in connection with the planned IPO include Morgan Stanley, Goldman Sachs Group Inc., Citigroup Inc. and UBS Group AG.
Nubank is a crypto-friendly bank. He offers investments in a bitcoin exchange-traded fund (ETF) through Easynvest, a trading platform he 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 Securities and Exchange Commission of Brazil (CVM). It is listed on the B3 stock exchange, one of the largest exchanges in Latin America and the second oldest in Brazil.
Quoting Tesla CEO Elon Musk and Bridgewater Associates founder Ray Dalio, Nubank explained on the Easynvest website: “A quick [online] research is enough to find that even billionaires like Elon Musk and Ray Dalio have already taken an interest in this type of asset. The bank further wrote:
The cryptocurrency ETF can be a way to further democratize access to the crypto market.
What do you think of Nubank’s initial public offering on the Nasdaq? Let us know in the comments section below.
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