Nubank, a Brazilian digital bank backed by Warren Buffett’s Berkshire Hathaway, is reportedly planning an initial public offering (IPO) on 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 Reportedly Plans to IPO on Nasdaq
Nu Pagamentos SA, also known as Nubank, is planning an initial public offering (IPO) of more than $2 billion on the Nasdaq stock exchange for the end of 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 clients throughout Latin America.
According to the people, Nubank may seek a valuation of more than $40 billion. However, details may change as discussions are still ongoing. The bank was valued at $10.4 billion after a private fundraising in early 2019 but its valuation soared to $30 billion by June after the $500 million investment by Berkshire.
At a valuation of more than $40 billion, Nubank could become the second most valuable financial institution in Latin America. The most valuable is currently Brazil’s Itau Unibanco Holding SA with a $55 billion market value, followed by Banco Bradesco SA with about $41 billion.
Banks handling the share sale in the planned 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) via Easynvest, a trading platform it acquired and renamed to “Easynvest by Nubank” earlier this year.
The bitcoin ETF offered by Easynvest is QBTC11 by 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 stock exchanges in Latin America and the second oldest in Brazil.
Citing Tesla CEO Elon Musk and Bridgewater Associates founder Ray Dalio, Nubank explained on the Easynvest website: “A quick [online] search is enough to discover 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 about Nubank going public on Nasdaq? Let us know in the comments section below.
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Nubank, a Brazilian digital financial institution backed by Warren Buffett’s Berkshire Hathaway, is reportedly planning an preliminary public providing (IPO) on Nasdaq. Nubank is crypto-friendly and gives investments in a bitcoin exchange-traded fund (ETF). The financial institution mentioned, “The cryptocurrency ETF could be a solution to additional democratize entry to the crypto market.”
Digital Financial institution Backed by Warren Buffett’s Berkshire Hathaway Reportedly Plans to IPO on Nasdaq
Nu Pagamentos SA, often known as Nubank, is planning an preliminary public providing (IPO) of greater than $2 billion on the Nasdaq inventory trade for the tip of this yr, Bloomberg reported Thursday, citing individuals accustomed to the matter.
Nubank is backed by billionaire Warren Buffett’s Berkshire Hathaway Inc. In June, Berkshire invested $500 million within the Sao Paulo-based digital financial institution which has greater than 40 million shoppers all through Latin America.
In line with the individuals, Nubank might search a valuation of greater than $40 billion. Nevertheless, particulars might change as discussions are nonetheless ongoing. The financial institution was valued at $10.4 billion after a personal fundraising in early 2019 however its valuation soared to $30 billion by June after the $500 million funding by Berkshire.
At a valuation of greater than $40 billion, Nubank may develop into the second most dear monetary establishment in Latin America. Probably the most helpful is at the moment Brazil’s Itau Unibanco Holding SA with a $55 billion market worth, adopted by Banco Bradesco SA with about $41 billion.
Banks dealing with the share sale within the deliberate IPO embody Morgan Stanley, Goldman Sachs Group Inc., Citigroup Inc., and UBS Group AG.
Nubank is a crypto-friendly financial institution. It gives investments in a bitcoin exchange-traded fund (ETF) through Easynvest, a buying and selling platform it acquired and renamed to “Easynvest by Nubank” earlier this yr.
The bitcoin ETF provided by Easynvest is QBTC11 by QR Asset Administration. It was the primary bitcoin ETF authorised by the Securities and Change Fee of Brazil (CVM). It’s listed on the B3 inventory trade, one of many largest inventory exchanges in Latin America and the second oldest in Brazil.
Citing Tesla CEO Elon Musk and Bridgewater Associates founder Ray Dalio, Nubank defined on the Easynvest web site: “A fast [online] search is sufficient to uncover that even billionaires like Elon Musk and Ray Dalio have already taken an curiosity in this sort of asset.” The financial institution additional wrote:
The cryptocurrency ETF could be a solution to additional democratize entry to the crypto market.
What do you consider Nubank going public on Nasdaq? Tell us within the feedback part beneath.
Picture Credit: Shutterstock, Pixabay, Wiki Commons
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