Warren Buffett‘s Berkshire Hathaway (NYSE:BRK) (NYSE:BRK) has seen a 93% increase in the value of its stake in Nu Holdings (NYSE:NU) since January, making Nubank the star performer in Berkshire’s 2023 portfolio.

According to a report by Business Insider, the conglomerate initially invested $500 million in Nubank in June 2021 and added roughly another $250 million when the bank went public in December 2021. As of June this year, Berkshire owned about 107 million shares of the digital lender, which was worth $845 million at the time.

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Despite a 13% slide from its IPO price of $9, Nubank has shown promising operational growth. The bank’s customer count rose by 28% to 84 million, and its revenue increased 61% to approximately $1.9 billion from June last year to June this year. The bank also transitioned from a $30 million net loss to a $225 million net profit during the same period.

Berkshire’s bet on Nubank has attracted attention due to its crypto-friendly approach. Nubank has even launched its own native token, despite Buffett and his deputy Charlie Munger‘s outspoken criticism of digital coins. However, given that the Nubank stake is a small part of Berkshire’s roughly $350 billion stock portfolio, it is likely that the decision was made by one of Buffett’s investment managers, Todd Combs or Ted Weschler.

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