Shares in Silvergate Capital jumped after market maker Citadel Securities reported a 5.5% stake in the crypto-friendly bank.
Ken Griffin's firm now owns over 1.7 million shares in the La Jolla-based bank, worth over $25 million based on the price at close on Monday. Shares in the bank soared 7% at the open, trading above $15, according to TradingView data.
The bank has faced increasing scrutiny over the past few months since the collapse of FTX. Silvergate reported a more than $1 billion net loss for the fourth quarter as the sector suffered a "crisis of confidence."
Fears over increased regulatory oversight in the U.S. on banks that interact with cryptocurrency have also weighed heavily on the stock. SI was the most shorted stock on Wall Street as of Jan. 31, according to a recent report from MarketWatch.
© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.