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24h Vol: $109,845,975,901
Seeking Alpha 2023-02-02 20:12:30

State Street reveals 9.3% stake in crypto-focused bank Silvergate Capital

State Street reveals 9.3% stake in crypto-focused bank Silvergate Capital
Asset manager State Street ( NYSE: STT ) disclosed a 9.32% stake in struggling cryptocurrency-focused lender Silvergate Capital ( NYSE: SI ) as of Dec. 31, 2022, according to a Thursday SEC filing. Shares of Silvergate ( SI ) surged as much as 50% earlier in the session, coinciding with a broader market rally, only to lose roughly half those gains in midafternoon trading. Still, SI was off more than 80% in the past year given a lingering bear market as well as the company's ties to collapsed crypto exchange FTX ( FTT-USD ). The news came just a day after BlackRock ( BLK ) revealed a 7.2% stake in SI .
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