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Crypto-Friendly Bank backed by Warren Buffett’s Berkshire Hathaway Plans $2 Billillion Nasdaq IPO

Crypto-Friendly Bank Backed by Warren Buffett's Berkshire Hathaway Plans $2 Billion IPO on Nasdaq

Nubank, a Brazilian digital bank backed by Warren Buffett’s Berkshire Hathaway, is reportedly planning an initial public offering (IPO) on Nasdaq. Nubank, which is crypto-friendly, offers bitcoin investments in an exchange-traded fund. The bank said, “The cryptocurrency ETF can be a way to further democratize access to the crypto market.”

Digital Bank Supported by Warren Buffett’s Berkshire Hathaway Reports to Plan to IPO on Nasdaq

Nu Pagamentos SA (also known as Nubank) is planning an initial public offer (IPO) of more that $2 billion on Nasdaq’s stock exchange by the end of the year, Bloomberg reported Thursday. Bloomberg cited people familiar with the matter.

Nubank has been backed by 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. Details may change, as ongoing discussions mean that details could be changed. 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 that will handle the share sale for the planned IPO are Morgan Stanley, Citigroup Inc. and Goldman Sachs Group Inc.

Nubank, a crypto-friendly bank. It allows investments in bitcoin exchange-traded funds (ETFs) via Easynvest. This trading platform was acquired by Nubank earlier this year and renamed “Easynvest By Nubank”.

The bitcoin ETF offered by Easynvest is QBTC11 by QR Asset Management. It was approved by the Securities and Exchange Commission of Brazil (CVM) as the first bitcoin ETF. It is listed on B3, the largest stock exchange in Latin America, and the second oldest in Brazil.

Citing Tesla CEO Elon Musk, and Bridgewater Associates founder Ray Dalio. Nubank explained the Easynvest website that: “A quick [online], search is enough to uncover that even billionaires such as Ray Dalio and Ray Musk have already taken an investment in this type asset.”

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? Please let us know your thoughts in the comments below.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. This article is not intended to be a solicitation or offer to buy or sell any products or services. Bitcoin.com does not provide investment, tax, legal, or accounting advice. The author and the company are not responsible for any loss or damage resulting from or related to the use or reliance of any content, goods, or services in this article.

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BTC slips amid poor debut for Hong Kong spot ETFs

Bitcoin fell to under $62,000 after spiking past $64,700 earlier as Hong Kong spot Bitcoin and Ethereum ETFs began trading. Data showed trading volumes hit just over $11 million, against expectations of over $3oo million. Bitcoin price fell below $62,000 again amid market reaction to less than encouraging numbers from the first day of trading…


  • Bitcoin fell to under $62,000 after spiking past $64,700 earlier as Hong Kong spot Bitcoin and Ethereum ETFs began trading.
  • Data showed trading volumes hit just over $11 million, against expectations of over $3oo million.

Bitcoin price fell below $62,000 again amid market reaction to less than encouraging numbers from the first day of trading for much hyped spot Bitcoin and Ethereum ETFs in Hong Kong.

BTC was down about 1.4% at the time of writing, having touched lows of $61,587 across major crypto exchanges.

The benchmark cryptocurrency, which has struggled to reclaim key levels since its recent halving event, was seeing a 24-hour trading volume of $28.4 billion.

Bitcoin price and Hong Kong spot ETFs debut

Earlier, Bitcoin price surged to above $64,000 as the six spot Bitcoin and spot Ethereum ETFs went live in Hong Kong.

The flagship cryptocurrency rose to over $64,727 on US-based crypto exchange Coinbase. BTC also soared after reports Hong Kong approved the listing of the ETFs.

NEW: 🇭🇰 Opening ceremony of Hong Kong spot #Bitcoin ETFs 👏 pic.twitter.com/ux1eb5PqRn

— Bitcoin Magazine (@BitcoinMagazine) April 30, 2024

However, as data streamed in showing disappointing trading volumes and inflows, Bitcoin price took a hit. According to details of the six ETFs’s debut day, total trading volume reached just $11 million, not impressive given projections were much higher at over $300 million.

Bitcoin ETFs saw about $8.5 million while Ethereum ETFs recorded just $2.5 million on the first day. Ethereum price fell to $3,040.

Notably, the figures from Hong Kong are way lower compared to those recorded amid the enthusiasm that greeted the launch of spot Bitcoin ETFs in the US in January. On their debut, the US spot BTC ETFs raked in over $4.6 billion in trading volume.

The start to trading for the ETFs has not helped BTC price and BTC could face a slide under the $60k level if sentiment flips negative. On the upside, resistance at $65k remains critical and a breakout could see the bellwether digital asset soar towards its recent peak.


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