Warren Buffett to step down, ending decades of opposition to Bitcoin at Berkshire.
Greg Abel will lead, with potential changes in crypto exposure under his direction.
Berkshire still holds shares in Nu Holdings, a firm offering crypto-related services.
Warren Buffett, the Chairman and CEO of Berkshire Hathaway, affirmed on May 3 that he will step down, as reported by Yahoo Finance. The announcement came during the company’s 60th Annual Shareholders Meeting, marking a historic change in leadership. Buffett, who led the firm for over six decades, revealed that Vice Chairman Greg Abel will take over as CEO by year-end.
Buffett stated that while he may remain available in limited roles, final decisions will rest with Abel moving forward. He also emphasized that he does not plan to sell his shares in the company as part of the transition.
Board Transition Process Begins This Week
The leadership update was not known to the full board prior to the announcement. According to Buffett, only his children, Susie and Howard, were informed. The rest of the board is scheduled to discuss the succession plan during a meeting on Sunday, May 4.
Greg Abel currently oversees Berkshire Hathaway’s non-insurance businesses and has been publicly identified as Buffett’s likely successor since 2021. Despite not being informed in advance, Abel remains the top recommendation from Buffett to assume the CEO role.
The occasion provided Buffett with the opportunity to discuss trade-related issues. Open trade relations remain important in light of the tense U.S.–China relations that intensified under President Trump according to Warren Buffett during the event.
The United States should develop its foreign trade relations by expanding business activities worldwide instead of employing trade as a hostile instrument. Although he did not express support for any specific policy, his comments came amid continued debate over tariffs and economic alignment.
Future of Bitcoin at Berkshire Remains Unclear
The retirement of Warren Buffett brings uncertainty about the company's position regarding digital currency especially Bitcoin. Buffett established a clear opposition to Bitcoin and other digital assets because of his historical rejection of cryptocurrencies.
However, Berkshire Hathaway holds shares in Brazilian fintech company Nu Holdings, which offers crypto-related financial products. The company has increased its stake in Nu Holdings over time, signaling activity in the digital asset sector.
With Abel set to lead the company, observers are watching how Berkshire Hathaway may evolve in terms of digital asset exposure. Abel is known for his direct involvement in investment decisions, which contrasts with Buffett’s more delegated approach.The regulatory environment for crypto companies continues to experience changing regulatory policies. Senator Cynthia Lummis introduced the Bitcoin Act during the Trump presidency, aiming to smooth some operational hurdles for crypto companies. Since the executive transition at Berkshire Hathaway there has been no indication about crypto asset investments.
