By Brazil Stock Guide – Itaú Unibanco (ITUB4) increased its exposure to Nubank (NU) in the third quarter, adding 3.8 million shares of the digital lender, according to O Globo, which cited filings submitted to the US Securities and Exchange Commission (SEC).
The documents show that Itaú now holds 6.7 million Nubank shares valued at US$106 million, based on closing prices from Friday (21). The purchases, made between July and September, amount to roughly US$60 million and reflect positions held through the end of the quarter, in line with SEC transparency requirements.
Nubank now represents 3.6% of Itaú’s US portfolio, becoming the bank’s sixth-largest position. By early afternoon on Tuesday (25), NU shares on the NYSE were up 0.38% at US$15.99, while Itaú’s preferred shares (ITUB4) gained 0.40% on Brazil’s B3 exchange.
Investment track record in fintechs
Itaú’s growing position in Nubank follows years of shifting strategy in the fintech landscape. The bank acquired 49.9% of XP Inc. (XP) in 2017, then gradually reduced that holding after XP’s 2019 IPO. Between 2023 and 2024, Itaú divested nearly all remaining shares, retaining only a minority stake of about 1.54% of the firm’s total capital.
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