Banking dominos continue to fall as Silicon Valley Bank is seized SiliconValleyBank SilvergateBank crypto
- Breaking: As this story was being written, regulators announced that they have seized Silicon Valley Bank in the largest bank failure since the Great Recession.
SVB is well-known in the tech industry as a home to startup and tech-focused venture capital firms, and it is also seen as one of the more crypto-friendly banks in the banking industry. Its difficulties mark the latest blow for the crypto industry which has struggled with its banking partners as of late.
The problems for SVB began when the California-based bank filed a surprise $1.8 billion loss following a deposit outflow and announced plans to raise $2.25 billion by selling common and preferred stock. According to the plan released Wednesday, SVB was looking to sell $1.25 billion in common stock and another $500 million of convertible preferred shares.
First Republic Bank has seen its stock price crash from $123.18 on Monday to a low of $45.16 in trading on Friday before bouncing back above $80 at the time of writing, marking a 35% decline on the weekly chart.
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