Nu Holdings Expands Crypto Access in Brazil Amid New Virtual Asset Regulations

Nu Holdings is expanding its retail access to crypto tokens in Brazil following the introduction of new regulations for virtual assets. The company can now earn fees from crypto access without holding tokens on its own balance sheet, changing how it balances product expansion with regulatory and balance sheet risk.

The shift may not be a core driver for Nu Holdings' earnings forecasts, rapid revenue expectations, or premium P/E ratio, which rely on disciplined risk controls and execution on costs. The company's recent development of NuCrypto inside its app is the operational foundation that lets it plug into Brazil’s Legal Framework for Virtual Assets.

Nu Holdings' current analyst narrative points to revenues of $44.7 billion and earnings of $7.9 billion by 2029, implying revenue growth of 74.3% per year and an earnings increase of about 2.2 times from $3.6 billion today. The company's forecasts put fair value at $18.78 compared with its current price of $15.37, a 22% upside that could narrow quickly.