The United States Securities and Exchange Commission (SEC) declared that the initial public offering (IPO) for Silvergate Bank was effective on Nov. 6, allowing for shares to be traded on the New York Stock Exchange (NYSE) as of Thursday.
Silvergate Bank, which has gained notoriety for its crypto-friendly business practices, has begun trading under the symbol SI. Shares opened on Nov. 7 at $12.75, making for a 6.25% increase from its IPO price of $12 before subsequently closing at $12.62.
While Silvergate Bank first opened in 1988, the institution has gained attention in recent years for its pro-crypto policies. According to the bank’s SEC filing,
We intend to continue focusing on our digital currency initiative as the core of our future strategy and direction.
Silvergate first began providing services to crypto-based businesses in 2013, which the bank says has given them a first-mover advantage,
We believe our first-mover advantage serving the digital currency industry has led to numerous strategic advantages, many of which are significant barriers to entry for potential competitors.
As of September, Silvergate Bank had $2.1 billion in total assets, with deposits totaling more than $1.8 billion. In addition, the bank currently serves more than 750 firms in the crypto space.
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