Crypto Bank Silvergate Shares Move Higher After BlackRock Boosts Stake
Asset management giant BlackRock (BLK) disclosed a 7.2% stake in Silvergate Capital (SIL) as of Dec. 31, sending the stock sharply higher in Tuesday trade.
The fund manager's ownership of more than 228,000 shares of Silvergate, or a 7.2% stake, contrasts with holdings one year earlier of roughly 187,000 shares, or a 6.3% stake.
Stung first by 2022's bear market in crypto and then again in November thanks to its large deposit relationship with collapsed crypto exchange FTX, Silvergate shares were lower by about 90% on a year-over-year basis. They gained 9.96% in Tuesday trade, with most of the move higher coming after the ownership filing.
Read more: US Senators Press Crypto Bank Silvergate on Ties to FTX: Bloomberg