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

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Crypto-Focused Bank Silvergate Gains 6% as Morgan Stanley Sees Big Upside for Shares — CoinDesk

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.
  • 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.

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