Crypto-friendly bank Silvergate starts trading on NYSE after IPO approval. SI cites a 6% increase on the initial offering price of $12. SEN network continues to grow. Silvergate Capital (NYSE: SI), a cryptocurrency-focused commercial bank, made its official listing on the New York Stock Exchange…
Silvergate Capital (NYSE: SI), a cryptocurrency-focused commercial bank, made its official listing on the New York Stock Exchange on Nov 7, commanding a 6% increase on the day. But how is it doing so far?
The NYSE officially listed the crypto-minded bank under the ticker SI, on Thursday. This followed a formal declaration from the US security and Exchange Commission (SEC), approving the institution’s initial public offering (IPO).
According to the firm’s announcement, 3,333,333 class A shares in SI were offered within the IPO. Silvergate granted 824,605 of the common stock, with a further 2,508,728 shares offered by shareholders. The IPO is anticipated to close on Nov 12.
Live trading initially started at $12.75, an impressive 6.2% gain over its IPO price of $12.
By the close on Thursday — while still citing a substantial increase over its IPO price — SI has cooled off somewhat, posting a price of $12.52.
This was preceded by an impressive intraday high shortly after trading commenced. According to NYSE, SI tapped a high of $13.25 – a solid 10% lead over its initial offering price, and 4% on the day.
Silvergate isn’t a new institution. The commercial bank started as early as 1988 with the aim of creating a platform for innovators. This intention translated aptly into the digital currencies sector, and as of 2013, the bank’s focus realigned to serve the cryptocurrency industry.
The crypto friendly-bank already cites deep ties in the industry, working alongside 756, of which 468 are institutional investors. The rest are crypto firms, including monoliths, Coinbase, Circle, Kraken, and Gemini.
Silvergate appears to be a semi-hidden gem within the crypto industry. According to its SEC filing, the firm has created its own internal ecosystem for its network of crypto customers.
We designed the SEN as a network of digital currency exchanges and digital currency investors that enables the efficient movement of U.S. dollars between SEN participants 24 hours a day, 7 days a week, 365 days a year.
Created in 2017, the Silvergate Exchange Network (SEN) acts as an interinstitutional payment system, enabling round the clock movement of US dollars between participants. As of 2019, the company has signed up 77% of its eligible digital customers to the SEN.
This article was edited by Samburaj Das.
Last modified: November 8, 2019 10:47 AM UTC