XRP News Today: Warren Buffett Exits Nubank, Berkshire Hathaway Sells All Shares

Warren Buffett, the renowned investor known for his skepticism towards cryptocurrencies, has completely exited his position in Nubank, a leading digital bank in Latin America that is known for its crypto-friendly services. This move was confirmed through a May 15 filing with the US Securities and Exchange Commission (SEC), which revealed that Berkshire Hathaway, Buffett's investment firm, has liquidated all of its shares in Nubank’s parent company, Nu Holdings.

Berkshire Hathaway began divesting its 40.2 million Nubank shares in 2024. The first tranche of 20.7 million shares was sold in the third quarter at an average price of $13.46 per share. In the fourth quarter, an additional 46.3 million shares were sold at an average price of $13.22. The final tranche of 40.2 million shares was sold in the first quarter of 2025 at an average price of $11.83. These transactions resulted in a total gain of approximately $250 million from the initial investment.

Despite Buffett’s exit, Nubank has continued to perform well. In the first quarter of 2025, the firm reported a net income of $557.2 million, marking a 47% increase compared to the same quarter in the previous year. Adjusted net income reached $606.5 million, reflecting a 37% year-over-year growth. In 2024, Nu Holdings achieved an annual net income of $1.972 billion, representing a 91% increase from 2023. This indicates that Berkshire’s decision to liquidate its Nubank shares was not based on the company’s performance.

Buffett’s divestment from Nu Holdings aligns with Berkshire’s broader strategy of pulling back from the financial sector. In the first quarter of 2025, Berkshire also sold off Citigroup and reduced its stake in Bank of America, unloading over $2.1 billion in shares. These moves have pushed Berkshire’s cash reserves to a record $347.8 billion, with $305.5 billion in short-term US Treasurys.

Nubank has been one of the most active digital banks in embracing crypto services in Brazil. The bank offers trading in major cryptocurrencies such as Bitcoin (BTC), Ether (ETH), XRP (XRP), and others directly through its app. In 2022, Nubank allocated 1% of its net assets to Bitcoin, furthering Buffett’s indirect exposure to the cryptocurrency despite his criticism of it. Buffett has previously described Bitcoin as a “rat poison squared.”