Bitcoin and gold benefit from the spreading banking contagion as SVB Financial Group files for bankruptcy Bitcoin BTC gold
- SVB Financial Group, the parent company of Silicon Valley Bank , has filed for bankruptcy, a move that will help simplify the sale of its remaining assets after federal regulators seized SVB on Friday, which was the core of the Group’s business model.
The other businesses under the SVB Financial Group umbrella that are included in the bankruptcy filing include SVB Capital, an investment manager that oversees $9.5 billion of funds on behalf of third-party investors, and SVB Securities, an investment bank. The global banking industry has been in flux since last Friday when federal regulators seized SVB after more than $41 billion worth of funds were withdrawn from the institution in 24 hours, putting its balance sheet in the negative and threatening the livelihoods of numerous tech startups and venture capitalists.
In the U.S., a group of 11 of the largest banks – including JPMorgan, Bank of America, and BNY Mellon – joined forces to offer an unsecured lifeline of $30 billion to the struggling First Republic Bank in order to forestall its demise.
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