Silvergate pops 6% in NYSE debut

Markets • November 7, 2019, 11:07AM EST
The Block

Cryptocurrency bank Silvergate listed its shares on the New York Stock Exchange Thursday, pricing a dollar below the expected range at $12. 

As part of the initial public offering, the firm raised $40 million by offering 3,333,333 shares. With the offer price of $12, Silvergate market capitalization stands at $229 million. On Thursday trading went live, with the first trade priced at $12.75, a 6.3% surge from its offer price. 

The crypto bank had planned to raise $52 million through the sale of 3.7 million shares, according to its earlier filing. The shares are listed on the NYSE under the ticker symbol "SI."

Based in California, Silvergate is known as one of the few crypto-friendly banks. According to the filing, the firm currently serves 756 digital currency-related firms as of June 2019. To date, it has total deposits of $1.8 billion and total assets of $2.1 billion, per the company statement. 

About Author

Celia joined The Block as a reporter after earning her BA in the History of Science from the University of Chicago. Having spent years pondering over why 2+2 cannot equal 5, she is interested in the history and philosophy of mathematics, computation, and cryptography. She also had a very brief stint at Crunchbase News.

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