State Street reveals 9.3% stake in crypto-focused bank Silvergate Capital
Feb. 02, 2023 3:12 PM ETSilvergate Capital Corporation (SI), STTBLKBy: Max Gottlich, SA News Editor20 Comments
- Asset manager State Street (NYSE:STT) disclosed a 9.32% stake in struggling cryptocurrency-focused lender Silvergate Capital (NYSE:SI) as of Dec. 31, 2022, according to a Thursday SEC filing.
- Shares of Silvergate (SI) surged as much as 50% earlier in the session, coinciding with a broader market rally, only to lose roughly half those gains in midafternoon trading.
- Still, SI was off more than 80% in the past year given a lingering bear market as well as the company's ties to collapsed crypto exchange FTX (FTT-USD).
- The news came just a day after BlackRock (BLK) revealed a 7.2% stake in SI.