SCHEDULE: Nu Holdings: Velez Osorno, Rua California Maintain Key Stake

David Velez Osorno and Rua California Ltd. have filed an amended Schedule 13G, reporting significant beneficial ownership in Nu Holdings Ltd. as of September 30, 2025.

Summary

• David Velez Osorno beneficially owns an aggregate of 905,579,578 shares, representing 19.16% of Nu Holdings Ltd.'s Class A ordinary shares.
• Rua California Ltd. beneficially owns an aggregate of 902,214,879 shares, representing 19.10% of Nu Holdings Ltd.'s Class A ordinary shares.
• David Velez Osorno controls Rua California Ltd., holding 100% of its shares.
• Osorno's beneficial ownership includes 1,500,000 Class B ordinary shares held by his wife, Mariel Lorena Reyes Milk, and shares held by Rua California Ltd. (2,455,080 Class A and 901,624,498 Class B).
• Rua California Ltd.'s beneficial ownership consists of 590,381 Class A ordinary shares and 901,624,498 Class B ordinary shares.
• Each Class B ordinary share is convertible into one Class A ordinary share at the holder's option and carries 20 votes, though for this report, Class B shares are treated as converted to Class A for percentage ownership calculation.
• The total Class A ordinary shares outstanding as of September 30, 2025, used for calculation, is 3,822,975,011.

Sentiment

Score: 5

Explanation: The filing is a routine beneficial ownership disclosure, reflecting a stable ownership structure without indicating positive or negative operational performance or new strategic developments.

Positives

• The continued significant beneficial ownership by founder David Velez Osorno and his controlled entity, Rua California Ltd., demonstrates strong alignment with long-term company interests and stability in the ownership structure.

Industry Context

This filing is a routine disclosure of beneficial ownership by a significant shareholder and does not provide information related to broader industry trends or competitive positioning.

Stakeholder Impact

• Shareholders: The filing confirms the continued significant stake of the founder and his controlled entity, which can reassure investors about long-term commitment and stable leadership.

Key Dates

Recommendation

This filing is a routine update on beneficial ownership, confirming the significant and stable stake held by founder David Velez Osorno and his controlled entity, Rua California Ltd. It does not contain new financial or operational data to warrant a change in investment thesis, thus a 'hold' recommendation is appropriate, reflecting the continued confidence implied by the founder's substantial ownership.

Keywords

Nu Holdings, David Velez Osorno, Rua California Ltd., Beneficial Ownership, Schedule 13G, Class A shares, Class B shares, SEC filing, Shareholder, Equity Stake