Nubank has officially overtaken Petrobras as Brazil’s most valuable company, reaching a market capitalization of US$76.97 billion as of Tuesday, according to data from Companies Market Cap. The milestone was highlighted by fintech analyst Marcel van Oost, who noted the neobank’s rapid rise in global rankings.
Nubank now ranks ahead of traditional heavyweights like Itaú (US$72.5B), Vale (US$49.6B), and BTG Pactual (US$49.6B), placing it second only to Mercado Libre (US$116.1B) in Latin America.
On a global scale, the company stands as the 40th largest financial institution, surpassing major banks including BNY Mellon and Barclays.
The company’s stock, traded on the NYSE under ticker NU, has climbed 53.7% year-to-date, closing at US$15.93 on Tuesday, just shy of its all-time high of US$16.30 set in September. Analysts at J.P. Morgan have suggested that Nubank’s valuation could eventually reach US$140 billion if valued at multiples similar to U.S. neobanks such as Chime or SoFi.
Nubank’s rapid ascent also coincides with its increasing focus on digital asset infrastructure. In late September, the firm appointed former Coinbase product director Michael Rihani as its new Head of Crypto, signaling a renewed commitment to blockchain-based financial products.
Rihani previously led product teams at Apple, Tesla, and Cash App, where he contributed to Bitcoin payment integrations and wallet development.
The bank has since rolled out Bitcoin bill payments for customers and expanded its Nubank Cripto platform, which now serves over 6.5 million users across Latin America.
As Nubank grows its presence in Brazil’s financial sector, its expanding involvement in crypto signals a step toward digital asset infrastructure. Future progress may depend on how the bank handles regulatory scrutiny and operational transparency in the digital finance space.
Also read: Nubank to Test Dollar-Backed Stablecoin Payments via Credit Cards
