FAST FIVE: One Of The "Richest Men In Crypto" Just Bought 9.3% Of Silvergate, Citadel Adds To Stake
But apparently we haven't been the only ones watching the name opportunistically.
This makes him the largest shareholder of the bank.
Combined he controls about 17% of the bank. Block.one put out a press release about their stake in the bank calling it a “proven track record of maintaining a liquid and conservative balance sheet investment portfolio.” They all said: “We believe Silvergate's current equity prices do not accurately reflect their strong balance sheet, their strategic positioning, or their market-defiant growth trajectory, and therefore offers a unique investment opportunity.
We are excited to be a new passive shareholder.” Like us, they are probably betting that when the smoke clears from the FTX pain, Silvergate – who, again, is a US regulated bank – will emerge not only little scathed, but potentially with its shares closely held, setting up potential for a swing higher in price again.
Alan Lane, Chief Executive Officer of Silvergate, said: “In light of recent developments, I want to provide an update on Silvergate's exposure to FTX. As of September 30, 2022, Silvergate's total deposits from all digital asset customers totaled $11.9 billion, of which FTX represented less than 10%.