Five crypto-focused venture firms said they have advised portfolio companies to withdraw funds from Silicon Valley Bank, the ailing lender.
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Silicon Valley Bank spooks Silicon ValleySilicon Valley Bank, long one of the most popular financial institutions among tech and life sciences startups, saw its shares fall more than 60% on Thursday, wiping out a whopping $9.4 billion in market value.
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Silicon Valley Bank shares plunge on stock-sale plan to stem cash burnSVB Financial Group shares plunged more than 62% on Thursday, a day after the lender launched a $1.75 billion share sale to shore up its balance sheet and navigate declining deposits from startups struggling for funds amid increased spending.
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Silicon Valley Bank's struggles spell further trouble for beleaguered tech startup marketSilicon Valley Bank's crisis is due to the challenges faced by its clients, though the problems could now get worse.
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Silicon Valley Bank launches new share saleSVB is an avatar for tech startup health, and right now it's calling for a doctor.
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