Warren Buffett dumps Mastercard and Visa shares for crypto-friendly Nubank

Time Stamp: February 16, 2022 9:36 AM
Source Node: 1884637

Warren Buffett’s Berkshire Hathaway recently invested $1 billion in a Bitcoin-friendly Brazilian neobank. The company also dumped $1.3 billion worth of Mastercard shares and $1.8 billion of Visa shares. The crypto industry is now left speculating whether the legendary investor might be changing his mind regarding crypto.

Berkshire Hathaway’s Warren Buffett recently made a move that surprised the crypto industry by dumping billions of dollars worth of stocks belonging to Visa and Mastercard. Furthermore, his company also purchased $1 billion of Brazilian neobank Nubank Class A stock.

The move caused many in the crypto sector to question whether the legendary investor is opening up to crypto after many in this sector spent years trying to convince him to give them a chance.

Warren Buffett sells Visa and Mastercard shares

According to the February 14th US SEC filing, Warren Buffett’s company, Berkshire Hathaway, recently dumped $1.3 billion worth of Mastercard stocks. The firm followed the move by also selling $1.8 billion worth of Visa shares, as well.

However, Buffett decided to buy $1 billion worth of Nubank shares, which is intriguing, as this is a crypto-friendly bank located in Latin America. The bank became quite well known for offering products such as the Bitcoin ETF.

The move has surprised many, as Buffett is quite well known for his past criticisms of Bitcoin, and the crypto industry in general. In the past, the investor called cryptocurrency “rat poison squared.”

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Many big names in the crypto industry criticized this statement, while others made it their goal to try and convince Buffett to give cryptocurrencies a chance. Among them was Justin Sun, who won a dinner with Buffett in a $4.6 million bid. However, until now, Buffett did not show signs that he plans on changing his mind.

One reason that may have affected Buffett’s decision could be the easing of the Ukraine-Russia tensions. Bitcoin jumped by 4.4%, and the total crypto market cap briefly climbed back to $2 trillion.

Another thing worth noting is that Buffett’s company invested $500 million in Nubank’s parent firm, Nu Pagamentos SA, in 2021. This was before the company went public in December.

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