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Crypto Bank Silvergate Shares Move Higher After BlackRock Boosts Stake

Silvergate stock is down about 90% over the past year thanks to the crypto bear market and its deposit relationship with FTX.

Updated Jan 31, 2023, 9:53 p.m. Published Jan 31, 2023, 9:51 p.m.

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.

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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.

Silvergate capital Silvergate BlackRock

Stephen Alpher

Stephen is CoinDesk's managing editor for Markets. He previously served as managing editor at Seeking Alpha. A native of suburban Washington, D.C., Stephen went to the University of Pennsylvania's Wharton School, majoring in finance. He holds BTC above CoinDesk’s disclosure threshold of $1,000.