Nubank, a Brazilian digital bank backed by Warren Buffett’s Berkshire Hathaway, is reportedly planning an initial public offering (IPO) on the Nasdaq. Nubank is crypto-friendly and offers investments in a Bitcoin Exchange Traded Fund (ETF). The bank said, “The cryptocurrency ETF can be a way to further democratize access to the crypto market.”
Digital bank, backed by Warren Buffett’s Berkshire Hathaway, is reportedly planning an IPO on the Nasdaq
Nu Pagamentos SA, also known as Nubank, plans to go public (IPO) of more than $ 2 billion on the Nasdaq stock exchange later this year, Bloomberg reported 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, which has more than 40 million customers across Latin America.
According to the population, Nubank could aim for a valuation of more than $ 40 billion. However, details are subject to change as discussions are still ongoing. The bank was valued at $ 10.4 billion following a private fundraising in early 2019, but following Berkshire’s $ 500 million investment, its valuation rose to $ 30 billion by June.
With a valuation of more than $ 40 billion, Nubank could become the second most valuable financial institution in Latin America. The most valuable is currently the Brazilian Itau Unibanco Holding SA with a market value of 55 billion US dollars, followed by Banco Bradesco SA with around 41 billion US dollars.
Banks handling the sale of shares in the proposed IPO include Morgan Stanley, Goldman Sachs Group Inc., Citigroup Inc., and UBS Group AG.
Nubank is a crypto-friendly bank. It offers investments in a Bitcoin Exchange Traded Fund (ETF) through Easynvest, a trading platform that it acquired earlier this year and renamed “Easynvest by Nubank”.
The Bitcoin ETF offered by Easynvest is QBTC11 from QR Asset Management. It was the first Bitcoin ETF to be approved by the Securities and Exchange Commission of Brazil (CVM). It is listed on the B3 stock exchange, one of the largest stock exchanges in Latin America and the second oldest in Brazil.
Citing Tesla CEO Elon Musk and Bridgewater Associates founder Ray Dalio, Nubank stated on the Easynvest website, “A quick one [online] Just search is enough to find that even billionaires like Elon Musk and Ray Dalio have already been interested in these types of assets. ”The bank continued:
The cryptocurrency ETF can be a way to further democratize access to the crypto market.
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