Crypto Bank Silvergate Shares Move Higher After BlackRock Boosts Stake
Silvergate stock is down about 90% over the past year thanks to the crypto bear market and its deposit relationship with FTX.
Asset management giant BlackRock (BLK) disclosed a 7.2% stake in Silvergate Capital (SIL) 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 holdings one year earlier of roughly 187,000 shares, or a 6.3% stake.
Stung 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.
Read more: US Senators Press Crypto Bank Silvergate on Ties to FTX: Bloomberg
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Federal Reserve Cuts Rates 25 Basis Points, With Two Members Voting for Steady Policy
The anticipated move comes as policymakers are still operating without several key economic data releases that remain delayed or suspended due to the U.S. government shutdown.
What to know:
- As expected, the Federal Reserve trimmed its benchmark fed funds rate range by 25 basis points on Wednesday afternoon.
- Today's cut is notable given the unusually large amount of public dissension among Fed members for further monetary ease.
- Two Fed members dissented from the rate cut, preferring instead to hold rates steady, while one member voted for a 50 basis point rate cut.
