Lumina Raises Agibank Stake to 6.96%

Why Did Lumina Increase Its Agibank Stake?

Daniel Goldberg's asset manager Lumina has raised its position in Agibank from 5.03% to 6.96% of total capital, buying shares on the open market despite the stock trading well below its IPO price. The move signals continued confidence in the digital bank even as its shares have fallen sharply since the February listing on the New York Stock Exchange.

What Does the SEC Filing Reveal?

Documents filed with the U.S. Securities and Exchange Commission show that funds linked to Lumina now hold 11,130,936 Class A shares, up from 8,045,726 shares at the time of Agibank's NYSE IPO in February 2025. The filing confirms the increase was made through open-market purchases.

How Has Agibank's Stock Performed?

Agibank priced its IPO at US$12 per share. As of Wednesday, the stock closed at US$7.16, a decline of 40.33% from the offering price. Despite this drop, Lumina — which made an initial investment of R$400 million in Agibank at the end of 2024 — chose to add to its position rather than reduce it.

What Happened to Lumina's Guaranteed Return Agreement?

At the time of the shareholder agreement signed with Agibank, Lumina had secured a minimum guaranteed return of 21.5% per year, applicable whether an IPO occurred or not. However, facing last-minute difficulties with the offering, the asset manager exited that agreement and gave up the guaranteed return, becoming an ordinary shareholder. Lumina could have sold shares during the IPO, but since the additional allotment was not exercised, no secondary tranche took place and no shareholder sold shares at that point.

What Are the Board Restrictions for Goldberg?

Daniel Goldberg sits on Agibank's board of directors, which means he must comply with specific rules governing when and how he can trade the bank's shares. All purchases were made in accordance with those regulations.

When Will Agibank Report Q2 Results?

Agibank is scheduled to release its second-quarter 2025 earnings on August 5, after the close of markets — a date investors and analysts will be watching closely given the stock's recent performance.