Silvergate Capital stock spikes after disclosing BlackRock's 7.2% stake

Silvergate Capital ( NYSE: SI ) stock gapped up as much as 10.8% to new session highs in Tuesday afternoon trading after disclosing asset manager BlackRock's ( NYSE: BLK ) 7.2% stake in the cryptocurrency-focused bank. The aggregate amount beneficially owned by BlackRock ( BLK ) stood at 2,285,197 shares of Silvergate ( SI ), according to an SEC filing. SI, stung by the lingering market downturn, is still off over 87% in the past year. Last week, BlackRock ( BLK ) was listed as a one of many high-profile firms that is owed money by failed crypto exchange FTX ( FTT-USD ).