Fund Management Giant State Street Increases Stake in Silvergate to 9.3%
Silvergate is up nearly 40% on Thursday alongside a sizable rally in crypto-related stocks.
State Street disclosed a 9.3% stake in troubled crypto lender Silvergate Capital (SI) as of Dec. 31, according to a filing Thursday with the Securities and Exchange Commission (SEC).
The asset manager was reported earlier in the month to have previously held a 5.3% stake in Silvergate.
Earlier this week, fellow fund management giant BlackRock disclosed a boosted holding in Silvergate as of year end, taking its stake to 7.2% from 6.3% previously.
Fund manager Vanguard is also a sizable owner of Silvergate, showing an 8.59% holding in the company as of Dec. 31, 2021, according to a filing in February 2022.
Alongside a big rally in crypto-related stocks Thursday, shares in Silvergate are soaring 38% and are now higher by 30% year to date. They remain lower by 80% year over year thanks in general to the crypto bear market and in particular by the bank’s relationship with failed crypto exchange FTX.
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