Crypto Bank Files $50 Million IPO (yes, IPO)
California based financial institution Silvergate Capital has filed documents with the US Securities and Exchange Commission (SEC) for a $50 million initial public offering (IPO).
The bank has applied to list its shares on the New York Stock Exchange (NYSE) under the ticker symbol “SI.” The company plans to use proceeds to funds its organic growth and for “general corporate purposes, which could include repayment of long-term debt, future acquisitions, and other growth initiatives.”
Silvergate Capital is the parent company of Silvergate Bank, most notable for providing non-interest bearing deposits for digital currency businesses. Its clients include Paxos, Gemini, and Kraken.
“As of September 30, 2018, approximately $1.7 billion, or 88.2%, of our total deposits were noninterest-bearing demand accounts[…] Substantially all of these noninterest-bearing demand accounts are deposits from our customers in the digital currency industry.” ~ SEC filings from Silvergate Capital
Silvergate estimates the market for cryptocurrency banking services to be between $30 billion and $40 billion.
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