Despite BTC criticism: Warren Buffett makes $250 million with crypto companies
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Investment legend Warren Buffet isn't known for his great love of Bitcoin. He once even called the digital currency 'rat poison squared.' However, that didn't stop him from investing in Brazilian Nubank, a company that facilitates Bitcoin trading but also holds it on its balance sheet.
Now Warren Buffet's Berkshire Hathaway has completely exited the company, and they're doing so with a $250 million profit.
Berkshire began selling Nubank shares in 2024. In the third quarter, it sold 20.7 million shares at an average price of $13.46 each.
Then, in the fourth quarter of 2024, another 46.3 million shares were sold at $13.22. And the final tranche of 40.2 million shares was sold in the first quarter of 2025 at a price of $11.83.
Buffett and his partners made a profit of approximately $250 million on their initial investment. In retrospect, they won't be dissatisfied with their choice of this Bitcoin company.
Without Buffett and Berkshire Hathaway as shareholders, Nubank is doing well. The company generated a net profit of $557.2 million in the first quarter of 2025, a 47% increase over the same quarter in 2024.
It also managed to generate a net annual profit of $1.97 billion over 2024, a 91% increase over 2023.
In this respect, it's unlikely that the decision to sell has anything to do with the stock itself, as the company is actually doing well.
It seems more likely to have something to do with the financial sector, which Buffett's investment firm appears to be exiting altogether.
In fact, in the first quarter of 2025, it also sold shares of Citigroup and Bank of America, selling shares valued at $2.1 billion.
And with these sales, Berkshire's cash reserves reached a record high of $347.8 million.
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