Connect with us

Business

Founder of EOS Developer Block.One Buys 9.3% of Crypto Bank Silvergate

News Agencies

Published

on

Brendan Blumer, the founder and CEO of EOS developer Block.One, has bought 9.3% of crypto bank Silvergate Capital (SI), while Block.One bought an additional 7.5%, according to Securities and Exchange Commission documents filed on Wednesday. According to the filings, Blumer bought 2,934,537 shares of the crypto bank on Nov. 16 while Block.One bought 2,363,186 shares.

The purchase makes Blumer the largest shareholder of Silvergate, according to the latest statistics from FactSet.

Block.one is a private blockchain company founded by Brenden Blumer and Dan Larimer in 2017. It is best known for developing the EOS.IO protocol, which the company announced in 2017 and subsequently released as open-source software in 2018.

In a press release, Block.one said it believed Silvergate was a consistent innovator whose share price was undervalued.

“We believe Silvergate’s current equity prices do not accurately reflect their strong balance sheet, their strategic positioning, or their market-defiant growth trajectory, and therefore offers a unique investment opportunity. We are excited to be a new passive shareholder,” the company wrote.

Shares of Silvergate were rising about 5% on Wednesday afternoon. They are down sharply since the collapse of crypto exchange FTX on concerns that Silvergate’s exposure to FTX would weigh heavily on it as well. FTX does have at least $1 billion in deposits with Silvergate, but the bank says that represents less than 10% of its total deposits from all digital asset customers.

Its CEO has also sought to reassure investors that market volatility created by FTX’s collapse would not affect the crypto banker’s business.

“Suffice it to say, whether deposits are up or down, we have the liquidity and the capital ratios to support the volatility,” said Alan Lane at the Oppenheimer Blockchain & Digital Assets Summit last Thursday.

Read more: Crypto Bank Silvergate’s Shares Continue to Fall Despite CEO’s Remarks

UPDATE (Nov. 23: 20:07 UTC): Added statement from Block.one’s press release.

Continue Reading
Advertisement

Breaking News

Advertisement

Editor Pick’s

Latest Entertainment

Iqra Aziz did not feel relaxed working with Feroze Khan Iqra Aziz did not feel relaxed working with Feroze Khan
Entertainment3 hours ago

Iqra Aziz did not feel relaxed working with Feroze Khan

Pakistani drama Actress Iqra Aziz says she did not feel relaxed while working with actor Feroze Khan. In the program...

Entertainment11 hours ago

‘Everything Everywhere All At Once’ Wins Best Feature at Gotham Awards

The 32nd annual Gotham Awards have wrapped and big winners of the night were “Everything Everywhere All at Once,” and...

Entertainment11 hours ago

Gotham Awards 2022: Winners List (Updating Live)

The 32nd annual Gotham Awards is underway (watch it live here) the celebration that marks the official start of awards...

Entertainment11 hours ago

Gotham Awards 2022: Full Winners List

The 32nd annual Gotham Awards have wrapped and big winners of the night were “Everything Everywhere All at Once,” and...

Entertainment11 hours ago

Nick Holly, Manager and Co-Creator of ‘Sons & Daughters,’ Dies at 51

Nick Holly, a manager, writer and producer who co-created the ABC comedy series “Sons & Daughters,” died Nov. 21 of...

Entertainment12 hours ago

Billie Eilish opens up about boyfriend Jesse Rutherford: ‘I’m really happy about it’

Billie Eilish and Jesse Rutherford attend the LACMA Art+Film Gala at Los Angeles County Museum of Art in Los Angeles...

Entertainment13 hours ago

Jennifer Lopez reflects on Ben Affleck split: ‘I honestly felt like I was going to die’

Jennifer Lopez celebrates 20th anniversary of This Is Me…Now and reflects on Ben Affleck relationship. (Photo: Barcroft Media via Getty...

Entertainment14 hours ago

Collin Gosselin says reality TV affected relationship with mom Kate: ‘I think it tore us apart’

Kate and Jon Gosselin’s son Collin is opening up about his mom. The 18-year-old, who appeared on the reality show...

Latest Sports

Sports24 mins ago

Jim Harbaugh downplays Michigan’s flag plant: ‘I want to get that flag’

Jim Harbaugh brushed off any questions surrounding what Michigan did during its postgame celebration after the Wolverines' 45-23 victory over...

Sports44 mins ago

Kyle Shanahan responds to Raheem Mostert’s 49ers injury mismanagement claim

Kyle Shanahan responded to Raheem Mostert's claim that the 49ers attempted to pressure him out of having season-ending knee surgery...

Sports1 hour ago

Fantasy Football: Early waiver wire pickups for Week 13

Check out two players to consider pursuing on the waiver wire in fantasy leagues ahead of Week 13.

Sports2 hours ago

Jones, Maddux, Morris consider Bonds, Clemens for Hall

Sixteen members of the contemporary baseball era committee will meet to consider the Cooperstown fate of an eight-man ballot.

Sports2 hours ago

Steve Kerr, Warriors view James Wiseman’s G League assignment as ‘long term’

Steve Kerr spoke about James Wiseman's development prior to the Warriors' game against the Timberwolves on Sunday.

Sports2 hours ago

World Cup 2022: Cameroon GK Andre Onana misses Switzerland match, reportedly leaves team after disagreement with coach

Andre Onana is reportedly no longer with the national team after he disagreed with the coach's defensive tactics.

Sports3 hours ago

Patriots owner Robert Kraft gives Devin McCourty special gift before 200th game

Devin McCourty will reach a special milestone Thursday against the Bills, and Patriots owner Robert Kraft presented the veteran safety...

Sports3 hours ago

Lakers blow 17-point lead late as they fall to Pacers at the buzzer

The Lakers blew a 17-point lead late as Pacers' Andrew Nembhard made a three-pointer at the buzzer as the Lakers...

Technology Hot News

Is Elon Musk Really Going to Buy Twitter? Is Elon Musk Really Going to Buy Twitter?
Technology1 month ago

Is Elon Musk Really Going to Buy Twitter?

Elon Musk, the owner of the electric car company Tesla, CEO of SpaceX, and the richest man in the world,...

WhatsApp services were affected across Pakistan, restored after 2 hours WhatsApp services were affected across Pakistan, restored after 2 hours
Technology1 month ago

WhatsApp services were affected across Pakistan, restored after 2 hours

WhatsApp services were affected in various countries of the world, including Pakistan, and India due to this users were facing...

Bitcoin vs Litecoin: A guide to understanding cryptocurrencies Bitcoin vs Litecoin: A guide to understanding cryptocurrencies
Technology2 months ago

Bitcoin vs Litecoin: A guide to understanding cryptocurrencies

Cryptocurrencies currently occupy an odd place in society. They are no longer the super niche bizarre currency beloved by tech...

Personal data of people is selling on Google Play and Google Ads Personal data of people is selling on Google Play and Google Ads
Editor Picks3 months ago

Personal data of people are sold on Google Play and Google Ads

It’s been two to three years since Google has been unknowingly hosting multiple apps from malicious actors who sell personal...

Protonmail is down a second time in the past 24 hours Protonmail is down a second time in the past 24 hours
Technology5 months ago

Protonmail is down a second time in the past 24 hours

An end-to-end encrypted email service Protonmail is down a second time in the past 24 hours, netizens reported on social...

What's better for the student: a tablet or a laptop What's better for the student: a tablet or a laptop
Technology6 months ago

What’s better for the student: a tablet or a laptop

Some analysts argue that computers have outlived their usefulness. There is some truth in this: PC and laptop sales are...

Tesla founder Elon Musk holds the Twitter deal temporary Tesla founder Elon Musk holds the Twitter deal temporary
Technology7 months ago

Tesla founder Elon Musk holds the Twitter deal temporary

USA: Elon Musk, the founder of companies like Tesla and SpaceX, can actually buy anything in the world. Last month,...

How Zafar Supari is utilizing his ability on Snapchat? How Zafar Supari is utilizing his ability on Snapchat?
Technology7 months ago

How Zafar Supari is utilizing his ability on Snapchat?

Pakistan: Zafar Supari a public figure, businessman, and social media sensation has crossed one hundred thirty-three thousand 133k subscribers on...