February 1, 2023

BlackRock Bought Silvergate Stock. Others Are Bullish on the Beaten-Up Crypto Bank.

The world’s largest asset manager,

BlackRock

disclosed a significant position in

Silvergate Capital

the beaten-down banker to the cryptocurrency industry whose share price has been a high-profile casualty of the crypto meltdown. BlackRock isn’t the only bullish one.

In a filing Tuesday with the Securities and Exchange Commission,

BlackRock

(ticker: BLK) disclosed a 7.2% stake in Silvergate (SI), representing 2,285 shares purchased on Dec. 31. It makes BlackRock one of the bank’s largest shareholders, with its BlackRock Fund Advisors arm owning an existing 5.6% stake.

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