Crypto-Friendly Silvergate Bank Begins Selling Shares on NYSE

Silvergate Bank, a crypto-friendly bank, officially started selling shares on the New York Stock Exchange on November 7.

Around a year after it first filed for its initial public offering, Silvergate started its “IPO day” on the NYSE, as per the stock exchange’s Twitter account. The news comes following a day Silvergate got a “notice of effectiveness” from the U.S. Securities and Exchange Commission, showing its long-running IPO bid had been acknowledged.

The bank presently serves over 750 companies in the cryptocurrency space, including exchanges, investors, and others, as per an updated IPO prospectus filed in September this year.

This is up from the 542 customers it revealed in March 2019. During that time, while the bank saw its customer base increase between November 2018 and March 2019, the assets it held shrank minimally, tumbling from about $1.6 billion to $1.5 billion in the fourth quarter of 2018.

In September’s filing, these numbers increased once more, holding $1.55 billion in deposits.

SIlvergate valued its stock costing at $12 per share on November 6 and is wanting to offer 3,333,333 shares of Class A common stock. Just shy of 1 million of these shares are being offered directly by Silvergate, while investors are offering the remaining 2.5 million, as per a public statement.

These figures are more conservative than an updated S1 filing dated late October, where the organization valued each share at a maximum of $15 and tried to raise around $65 million in general. In case it sells the 3.3 million offers for $12 each, the organization will probably raise roughly $40 million.

The bank is anticipating to sell these shares under the “SI” ticker by November 12.