Warren Buffett’s Berkshire Hathaway dumped Visa and Mastercard stocks and increased exposure in Nubank, the largest fintech bank in Brazil that’s also popular among the country’s Bitcoin investors.
In a securities filing late Feb. 14, the industrial conglomerate disclosed that it had purchased $1 billion worth of Nubank Class A stock in Q4/2021. On the other hand, it sold $1.8 billion and $1.3 billion worth of Visa and Mastercard stock, respectively, signaling a shift away from credit companies to gain exposure in their fintech rivals.
Buffett, the so-called “Oracle of Omaha,” is popular for his cautious approach to investing, particularly in the market’s hottest sectors such as fintech. The veteran investor had also downplayed emerging decentralized finance solutions like Bitcoin, ridiculing it as an asset that “does not create anything.”
