Why Shares of Silvergate Capital Popped Today
Shares of the crypto bank Silvergate Capital (NYSE: SI) popped as much as 18% earlier today after the hedge fund Citadel Securities, which is run by Ken Griffin, disclosed a 5.1% stake in the embattled stock. As of 1:45 p.m. ET today, shares of Silvergate traded roughly 15.6% higher.
In addition to Citadel, Susquehanna Securities in another filing today disclosed a 7.5% stake in Silvergate. Yesterday, George Soros' fund revealed a fresh stake in Silvergate as well.
Silvergate Capital has seen its stock ravished by more than 85% over the last year. The bank operates a real-time payments network that enables crypto traders and exchanges to transfer fiat dollars between one another in real time, which makes crypto trading more efficient. The model enabled Silvergate to grow deposits extremely fast following the pandemic.
Source Fool.com
