BlackRock Increases Stake in Silvergate Capital to 7.2%, Shares Jump by 9.96%
BlackRock, the world’s biggest asset manager, has announced the increase of its stake in Silvergate Capital, a crypto-friendly bank, to 7.2%. This has caused the bank’s share (SI) price to jump by 9.96%. In a filing with the United States Securities and Exchange Commission (SEC) on January 31st, BlackRock disclosed it now holds 2,285,197 SI or 7.2% of the bank’s total shares, up from 6.3% year-on-year. The announcement from BlackRock caused the share price of Silvergate Capital to rise by around 9.96%. The spike caused the price of SI to hit session highs of $14.63. SI is now valued at $14.24. Source: Finance.yahoo Although the crypto industry enjoyed a strong January rally to start this year, Silvergate (SI) continues to struggle in the aftermath of the FTX blowup, causing investors to withdraw their funds from the bank. As a result of the struggle, Silvergate reported a net loss of $1 billion during the last quarter of Q4 2022. On January 27, Silvergate said it would suspend dividend payments to shareholders to remain liquid. However, the recent rally is a relief to investors who have seen the price of SI plummet by 87% since the start of 2022. The support from BlackRock could help it sail through the current tough market conditions. By increasing its shares in Silvergate, BlackRock communicates its belief in the crypto-friendly bank and the digital asset industry. Read more on the loss posted by Silvergate in: The bank’s struggle is covered below:BlackRock Owns 7.2% of Silvergate
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Read more: https://dailycoin.com/blackrock-increases-stake-in-silvergate-capital-shares-jump/
Text source: DailyCoin.com
