Warren Buffett-backed Brazilian crypto bank plans $ 2 billion NASDAQ IPO – Berkshire Hathaway (BRK-A)

Brazilian bank backing cryptocurrency backed by billionaire Warren Buffett Berkshire Hathaway Inc. (NYSE: BRK-A) Nubank plans to go public on the Nasdaq through an initial public offering.

What happened: According to Bloomberg, people familiar with the matter revealed that the company plans to hold an IPO worth more than $ 2 billion on the Nasdaq this year.

Banks involved in the IPO include Morgan stanley (NYSE: MS), Goldman Sachs Group Inc. (NYSE: GS), Citigroup Inc. (NYSE: C), and UBS Group SA. (NYSE: UBS).

Nubank co-founder David Velez recently admitted that the company is considering a public listing without disclosing further details.

Read also: Why Ray Dalio would choose gold over Bitcoin

The crypto-bank may be aiming for a valuation above $ 40 billion, but that figure is not final as negotiations are still ongoing.

This would make the company the second largest financial institution in Latin America, just behind Brazil Itau Unibanco Holding SA (NYSE: ITUB).

What matters : Earlier this year, Nubank acquired Brazilian digital investment firm Easynvest, which manages more than $ 5 billion in assets for more than 1.6 million clients.

Since then, the bank has started offering its clients Bitcoin exposure through Easynvest’s QR Bitcoin ETF (QBTC11), and its website has a section with information on cryptocurrency and NFT trends.

In June, Nubank managed to secure a $ 500 million investment from Berkshire Hathaway despite Buffett’s notorious hatred Bitcoin (CRYPTO: BTC) and cryptocurrencies.

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