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Finance

Silvergate Bank Looks to Raise $461M in Public Stock Offering

The shares will be priced at a maximum $145 each.

By Jamie Crawley
AccessTimeIconDec 8, 2021 at 11:41 a.m. UTC
Updated May 11, 2023 at 7:03 p.m. UTC
(CoinDesk archives)

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Silvergate Bank is looking to raise around $461 million through sale of 3.31 million shares of common stock.

  • The crypto-focused bank estimates that net proceeds will be around $532 million if underwriters exercise their option to purchase additional shares in full, according to a filing Wednesday.
  • The shares will be priced at a maximum $145 each.
  • Silvergate intends to use the net proceeds to supplement its regulatory capital levels and support its growth through strategic acquisitions and other initiatives.
  • According to the filing, Silvergate’s digital currency deposits were $15.6 billion as of Nov. 30.
  • The bank recently received an endorsement from JPMorgan, when the investment banking giant gave Silvergate an overweight recommendation.
  • The company’s shares closed at $165.16 on the New York Stock Exchange yesterday.

See also: Crypto-Friendly Silvergate Bank Goes Public on New York Stock Exchange

UPDATE (Dec. 8, 11:53 UTC): Adds proposed sale price in second bullet point.

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Jamie Crawley
Jamie Crawley

Jamie Crawley is a CoinDesk news reporter based in London.

Follow @JamieCrawleyCD on Twitter

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