Nubank just printed its best quarter ever and the stock barely moved. Revenue crossed $5 billion in a single quarter for the first time. Net income jumped 56% year over year. The P/E multiple actually compressed. Our lead crypto analyst @m0xt_ is buying (save this). His take: the market is treating a great quarter like an in-line one, which gives us our setup. The Q1 numbers: - Revenue over $5B for the 1st time. - Net income from $557M to $871M. - Diluted EPS from $0.11 to $0.18. ROE held at 29%. And that builds on a 2025 that already looked huge... Full-year revenue hit $15.8B, up 42%. Net income reached $2.87B. Q4 ROE landed at 33%. Total assets at $77.5B. Deposits at $42.4B. On top of that - customer growth is doing its own thing: 135 million customers globally as of March 2026. @nubank added 4 million in Q1 alone. Brazil is now at 115 million customers, making Nu the largest private financial institution in the country. Then there's Mexico... 15 million customers. Third-largest financial institution in the country. Hit break-even in Q1. The customer base is up 7x in four years. ARPAC has nearly doubled. (If Mexico works, country three works. And country four.) There's also U.S. optionality that doesn't seem to be priced in yet. Nu got conditional OCC approval for a U.S. national bank charter back in January. That's a whole new growth leg for a company already growing 45% on a $15B base. The part that makes the trade: Nu trades at roughly 22x TTM P/E, down from around 26.5x, business accelerating, multiple compressing... That gap usually closes one of two ways: 1. The multiple expands back. OR 2. Earnings catch up and you get the stock cheaper than the run rate implies. (Either path pays you) Wrap it all together and you have: 45%+ top-line growth, bank-level profitability, a proven second-country playbook, U.S. optionality, a massive underbanked TAM in Latin America, and a multiple that keeps getting cheaper as the business gets better. @m0xt_ is building a position and letting it compound. He just dropped his exact entry, sizing, and how this fits into his broader portfolio. Link in the first comment 👇