Despite Warren Buffett's skepticism towards Bitcoin, describing it as "rat poison," Berkshire Hathaway has indirectly benefited from the crypto market.
They invested in Nu Holdings, a company with a crypto platform, which saw its stock increase significantly, contributing to Berkshire's profits. Buffett had invested $500 million in Nu Holdings through a series G funding round before the company went public in December 2021.
A few months later, Buffett increased his stake by another $250 million, resulting in a total investment of $750 million. Nu is up nearly 50% in 2024 alone and recently set all-time highs. This is also coming off a strong 2023, in which the stock was up nearly 100%.