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.

AccessTimeIconNov 11, 2021 at 5:24 p.m. UTC
Updated Nov 11, 2021 at 5:42 p.m. UTC

Michael Bellusci is CoinDesk's crypto payments reporter.

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 is CoinDesk's crypto payments reporter.

CoinDesk - Unknown

Michael Bellusci is CoinDesk's crypto payments reporter.