{"id":70524,"date":"2022-11-24T10:20:41","date_gmt":"2022-11-24T08:20:41","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=70524"},"modified":"2025-09-08T02:47:14","modified_gmt":"2025-09-07T23:47:14","slug":"block-one-and-its-ceo-acquired-16-8-of-silvergate-capitals-shares","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/block-one-and-its-ceo-acquired-16-8-of-silvergate-capitals-shares\/","title":{"rendered":"Block.one and its CEO acquired 16.8% of Silvergate Capital&#8217;s shares."},"content":{"rendered":"<p>Block.one, the company that launched the <a href=\"https:\/\/forklog.com\/en\/news\/what-is-eos\"> EOS <\/a> network, and its co-founder Brendan Blumer acquired respectively<a href=\"https:\/\/www.sec.gov\/Archives\/edgar\/data\/1312109\/000095010322020042\/dp184615_sc13g-block.htm\"> 9.3%<\/a> and <a href=\"https:\/\/www.sec.gov\/Archives\/edgar\/data\/1312109\/000095010322020044\/dp184614_sc13g-blumer.htmhttps:\/www.sec.gov\/Archives\/edgar\/data\/1312109\/000095010322020044\/dp184614_sc13g-blumer.htm\"> 7.5%<\/a> of the crypto-friendly bank Silvergate Capital shares.<\/p>\n<p>Financial terms were not disclosed.<\/p>\n<p>As a result of the deals, Blumer became the largest shareholder of Silvergate Capital, according to <a href=\"https:\/\/www.coindesk.com\/business\/2022\/11\/23\/founder-of-eos-developer-blockone-buys-93-of-crypto-bank-silvergate\/\">CoinDesk<\/a>.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>&#8220;Current share prices for Silvergate do not fully reflect their strong balance sheet, strategic positioning or growth trajectory, and therefore offer a unique investment opportunity,&#8221;<\/em> the press release said in <a href=\"https:\/\/b1.com\/press\/b1-acquires-significant-equity-stake-in-silvergate-capital-corp\/\">press release<\/a>.<\/p>\n<\/blockquote>\n<p>Silvergate shares rose 11.49% in trading on November 23, to $28.15. Since the start of the year, the securities have fallen 81%, and over the last month \u2014 53.6%.<\/p>\n<p>The sharp decline in market capitalization raised concerns about risks related to the <a href=\"https:\/\/forklog.com\/en\/news\/ftx-group-files-for-bankruptcy-sam-bankman-fried-resigns-as-ceo\">FTX<\/a> collapse for the company.<\/p>\n<p>Earlier, the bank said the troubled exchange held $1 billion in deposits, representing less than 10% of the bank&#8217;s total assets. Silvergate did not have any outstanding loans or investments in FTX, and the platform did not use the <span data-descr=\"a payments network that enables instant payments required for arbitrage in digital asset markets\" class=\"old_tooltip\">Silvergate Exchange Network<\/span>.<\/p>\n<p>Prime broker FalconX temporarily paused its participation in the bank&#8217;s payment network amid the uncertainty.<\/p>\n<p>As of the second quarter of 2022, the value of the outstanding loans issued under the SEN Leverage program stood at $1.4 billion. The average client deposits for the quarter declined from $14.7 billion to $13.8 billion.<\/p>\n<p>Follow ForkLog&#8217;s Bitcoin news on our <a href=\"\/\/telegram.me\/forklog\u201d\" target=\"\u201c_blank\u201d\" rel=\"\u201cnofollow\u201d noopener\">Telegram<\/a> \u2014 cryptocurrency news, prices and analytics.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Block.one, the EOS network-launching company, and its co-founder Brendan Blumer acquired 9.3% and 7.5% of the shares in the crypto-friendly bank Silvergate Capital, respectively.<\/p>\n","protected":false},"author":1,"featured_media":70525,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1850,1683,1211],"class_list":["post-70524","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-block-one","tag-silvergate-bank","tag-stock-market"],"aioseo_notices":[],"amp_enabled":true,"views":"23","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/70524","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=70524"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/70524\/revisions"}],"predecessor-version":[{"id":70526,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/70524\/revisions\/70526"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/70525"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=70524"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=70524"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=70524"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}