Nubank, crypto favoured bank, plans to go public on NASDAQ very soon. The IPO is going to be a big one as the bank is evaluated at around $2 billion. It is backed by Warren Buffet’s company Berkshire Hathaway and is based in Brazil. The company has invested $500 million in the bank, which makes it a solid stake owner. This is a little shocking as Warren himself is not a fan of crypto. So, his company backing a bank supporting crypto and offering ETF products is kind of funny.
More about the bank
Nubank, the crypto favoured bank, plans to go public on NASDAQ. This is going to be one of the biggest IPOs of this year and will also make crypto supporting firms more common and open. The bank has more than 40 million clients mostly in Latin America, and might go for a valuation of $40 billion. Back in 2019, the company was evaluated at $30 billion after the investment made by Warren Buffet’s company.
As of now, only a few banks beat Nubank in terms of evaluation. And if it is able to reach the $42 billion mark, then the bank will be the 2nd largest in Latin America after Itau Unibanco Holding SA at a $55 billion market cap. And this will also be great for the crypto industry as Nubank is pushing crypto investments like ETFs forward. The company’s crypto direction is not even affected by the negative outlook of one of its investors, Warren Buffet.
Talking about the IPO, the bank has not opted for a direct listing. This is what was chosen by Coinbase, where they saved a ton of money. But the bank’s shares will be sold by Morgan Stanley, Goldman Sachs, Citigroup and UBS Group AG.
Nubank is pushing crypto ETFs
Crypto ETFs are a great way to boost crypto adoption and push the markets to new highs. They provide a lot of benefits compared to directly buying from exchanges and are preferred by many people. Since the government approves it, the tax benefits are also present. At the same time, they are much safer and easy for diversification of one portfolio.
What are your thoughts on Warren Buffet backed Nubank going public on Nasdaq? And do you think that the bank’s crypto products will push adoption in Latin America? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.