Fund Management Giant State Street Increases Stake in Silvergate to 9.3%

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.

Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.

Source