Berkshire Hathaway, led by Warren Buffett, saw a 15% rise in after-tax operating profits for the latest quarter, driven by substantial gains from its investment in Apple.
The company, however, significantly reduced its Apple stake by 50%, offloading $50 billion worth of shares—about 390 million shares—in a bid to streamline its portfolio and increase its cash reserves.
This move resulted in impressive profits of $47.2 billion from Apple.
In total, Berkshire Hathaway has divested $76 billion in stocks, boosting its cash holdings to a record $277 billion, up from $189 billion the previous quarter.
Despite repurchasing only $345 million worth of its own stock, the conglomerate’s insurance and other businesses have contributed to the profit increase.
Berkshire’s Class A shares dropped 0.9% to $641,435, while Class B shares fell 0.8% to $428.36. Despite this, Class A shares have gained 16% year-to-date, maintaining their status as the priciest stock globally per share, a reflection of Buffett’s strategy to discourage speculative trading.
The SEC has sought a four-month extension in its investigation related to Coinbase, pushing the deadline to February 2024, just after the US presidential election.
DZ Bank, Germany’s second-largest financial institution, has teamed up with Boerse Stuttgart Digital to offer cryptocurrency trading and custody services across its network of cooperative banks.
Charles Hoskinson, founder of Cardano, will meet with Argentina’s President Javier Milei in October to discuss blockchain’s role in shaping future economies.
Binance has seen a sharp rise in interest from institutional and corporate investors, with a 40% increase in participation this year, according to CEO Richard Teng.