Silicon Valley Bank sold billions in bonds as startups struggle, crypto-centric Silvergate Bank just gave up
Two tech-centric financial services operations have hit trouble, giving confidence in the sector another kicking.
In mid-February SVB shares sold for $315 apiece. On March 8th they could be had for $265. At the time of writing shares were trading for $105.that SVB sold off $21 billion of securities – and made a $1.8 billion loss on that sale - and took action to raise around $2.25 billion.[PDF] explained that the sell-off and capital raising are essentially precautionary.
That’s bank-speak for “we lent money to startups who are spending it faster than expected, and some of them look like they might not make it because the economy is a mess and investors are out of love with tech”.
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