Shares of heavily-shorted Silvergate Capital gained nearly 10% after BlackRock disclosed a boosted stake in the troubled crypto lender. $SI SteveAlpher reports
in Silvergate Capital as of Dec. 31, sending the stock sharply higher in Tuesday trade.
The fund manager's ownership of more than 228,000 shares of Silvergate, or a 7.2% stake, contrasts with holdingsStung first by 2022's bear market in crypto and then again in November thanks to its large deposit relationship with collapsed crypto exchange FTX, Silvergate shares were lower by about 90% on a year-over-year basis. They gained 9.96% in Tuesday trade, with most of the move higher coming after the ownership filing.
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