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Silvergate CEO, Alan Lane

NY Stock Exchange: Crypto-Friendly Silvergate Bank Goes Public

November 8, 2019 at 1:22 PM | By Jit Sutradhar News

Silvergate Bank, a bank-friendly crypto, officially started selling shares on the New York Stock Exchange on Thursday.

Approximately one year after it was first filed an initial public offering, Silvergate began its “IPO of the day” on the NYSE, according to a Twitter account stock exchange. The news comes a day after Silvergate received a “notice of effectiveness” of the U.S. Securities and Exchange Commission, indicating the long-running IPO bid has been accepted.

Bank currently serves more than 750 companies in the crypto, including exchanges, investors and others, according to an updated IPO prospectus filed in September 2019.

This is up significantly from the 542 clients it was reported in March 2019. At that time, while the bank saw its client base grow between November 2018 and March 2019, the assets were held shrink slightly, falling from nearly $ 1.6 billion to US $ 1, 5 billion in the last quarter of 2018.

In a filing in September, these numbers are growing again, hold $ 1.55 billion in deposits.

Silvergate $ 12 per share price of its stock price on Nov. 6, and plans to offer 3,333,333 shares of Class A common stock. Just under 1 million of these shares were offered directly by Silvergate, while shareholders were offered another 2.5 million, according to a press release.

These figures are more conservative than the updated S1 filed a final date in October 2019 in which the firm price of each share at a maximum of $ 15 and seeks to raise about $ 65 million overall. If selling 3.3 million shares for $ 12 each, the company will be more likely to raise about $ 40 million.

bank hopes to sell the shares under the “SI” ticker by 12 Nov

Silvergate could not immediately be reached for comment.

Alan Lane (right) speaking at Block FS image via CoinDesk

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