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.

AccessTimeIconFeb 2, 2023 at 7:16 p.m. UTC
Updated May 9, 2023 at 4:07 a.m. UTC
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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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Helene Braun

Helene is a New York-based news reporter at CoinDesk, currently covering the criminal trial of infamous crypto mogul Sam Bankman-Fried. Helene is a recent graduate of New York University's business and economic reporting program and has appeared on CBS News and Nasdaq TradeTalks. She holds BTC and ETH.


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