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Crypto-Focused Bank Silvergate Rallies After JPMorgan Sees Industry Adoption Growth

The analyst sees Silvergate as a way for investors to gain exposure to crypto adoption and disruption.

By Michael Bellusci
AccessTimeIconNov 11, 2021 at 5:24 p.m. UTC
Updated May 11, 2023 at 7:01 p.m. UTC
Silvergate Bank to Discontinue Binance USD Deposits, Withdrawals
Silvergate Bank to Discontinue Binance USD Deposits, Withdrawals
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Silvergate Capital Corp. (SI) shares jumped as high as 13% Thursday after JPMorgan initiated research coverage with an overweight recommendation and a $300 price target.

  • The price target would represent a 59% increase over yesterday’s closing price of $188.73. In recent trading, the shares were at $210, up about 11%.
  • “Silvergate’s status as the pure-play bank of the crypto ecosystem has led to the creation of a bank not only with superior growth potential, but also that operates with one of the highest-quality balance sheets in the industry,” JPMorgan analyst Steven Alexopoulos said in a note to clients.
  • JPMorgan sees Silvergate as a way for investors to gain exposure to crypto adoption and disruption.
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    Michael Bellusci

    Michael Bellusci is CoinDesk's crypto reporter focused on public companies and digital asset firms.

    Follow @mikeybellusci on Twitter

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