October 31, 2019, 3:50PM EDT
• 6 min read

Silvergate Bank 3Q19 Update: IPO terms proposed; deposits decline 11%

Quick Take

  • This week, Silvergate Bank released an updated S-1 filing which included its proposed IPO terms as well as its preliminary financial results for 3Q19
  • Silvergate aims to raise $52 million through the sale of 3.7 million shares (~0.8 million offered by the company, ~3.0 million offered by selling shareholders)
  • The company expects the offering price of its common stock to be between $13 to $15 per share, implying a market cap of $249 million
  • 3Q19 financial results include: 29% sequential increase in net income thanks to a more aggressive asset allocation; 11% decline in cryptocurrency-related deposits

Join The Block Research for exclusive research like this

Gain access to this research piece and 100s of others, including ecosystem maps, company profiles, and topics spanning DeFi, CBDCs, banking and markets. Together with additional services, we help organizations understand what’s happening in the rapidly developing digital asset ecosystem.

Already a Research Member? Login Here