Nubank Chief Sells $435 Million Stake After Record Quarter

The United States Securities and Exchange Commission disclosed that Nubank founder and chief executive David Vélez sold $435.6 million in company shares on August 15, 2025.

The filing shows that Vélez sold 33 million Class A shares through Rua California Ltd, a vehicle controlled by him and his wife, Mariel Reyes Milk. The sale equaled about 0.7 percent of Nubank’s outstanding shares and 3.5 percent of his personal holdings.

The timing of the sale drew attention because it followed the release of Nubank’s strongest financial results to date. Between April and June 2025, the digital bank reported a net profit of $637 million, a 42 percent increase compared with the same quarter in 2024.

Return on equity stood at 28 percent, the same level as one year earlier. Investors responded with optimism as the bank’s shares rose more than 15 percent after the earnings announcement.

Nubank stated that the sale formed part of the executive’s estate planning. The company emphasized that the transaction had no connection to business strategy or operational changes.

It also noted that this was the third time since the initial public offering in December 2021 that Vélez had reduced his stake. The chief executive’s actions highlight a common practice among founders of fast-growing financial firms.

By liquidating a small portion of their holdings, they convert paper wealth into usable capital while maintaining control. Vélez still holds the vast majority of his shares.

The transaction does not alter his role in management, but it does remind investors that even founders balance personal finances with corporate responsibilities.

Market data show limited disruption after the disclosure. On August 18, Nu Holdings shares gained 1.76 percent with a trading volume of about $1.12 billion.

The sale represented a minor fraction of total shares and did not affect overall confidence in the company’s direction. Vélez has previously pledged to donate most of his wealth to charitable causes under The Giving Pledge, which he joined in 2021.

That commitment provides a broader context for his periodic sales. By gradually releasing capital, he gains flexibility to fund philanthropic projects while retaining his influence at the bank.

The real story behind the figures is not about a loss of confidence but about balance. Nubank continues to expand its profitability while its founder organizes personal finances and prepares for large-scale philanthropic commitments.

The combination underscores how fintech leaders navigate both market expectations and private obligations without undermining investor trust.

More: Brazil news in English, every day from The Rio Times.

This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error

LatAm Markets: Live Signals → — real-time movers, turnover leaders and FX across Latin America.