Silvergate Bank has been struggling after the downfall of cryptocurrency exchange FTX. However, the recent investment of BlackRock, the largest asset manager in the world and the reddit community gathering together for yet another short squeeze, could change its price drastically.
What is Silvergate Bank?
Silvergate Bank is one of the main banks that services the crypto industry. It benefits from a recovery in the crypto markets and overall trading volume and serves primarily large traders in crypto, including those on-boarded to Binance. Furthermore, the bank continues to be used by Coinbase as a payment rail and with bank deposits that have increased from $3.5B to $3.8B.
Loss and Layoffs
Silvergate posted a net loss of $1 billion in Q4 2022. To reduce expenses and stay afloat amid mayhem in crypto, the bank laid off 40% of its staff.
BlackRock Enters the Game
BlackRock, with over $10 trillion of assets under management, recently reported a 7.2% stake in Silvergate Bank. Good to know BlackRock has maintained a positive stance towards crypto and blockchain technology.
Another Reddit Short Squeeze?
Reddit states that Silvergate Bank is the most heavily shorted US stock, with 70% of the float sold short and a (small) market cap of $50°m. This means that any short squeeze will see massive upside with thin liquidity. The majority of shorts were put on recently at around $20-30 and the price could accelerate quickly above $20 as shorts will have to cover to protect profits.
Where to buy Silvergate – SI?
Silvergate – SI can be purchased on various stock market platforms. One of the options for buying Silvergate – SI is through the Bux Zero application. Bux Zero is a stock trading app that allows users to buy and sell stocks, ETFs, and more. By using Bux Zero, you can easily purchase Silvergate – SI and be perhaps part of the short squeeze of 2023.
The post Possible Short Squeeze Narrative: Where to buy Silvergate – SI? appeared first on YourCryptoLibrary.
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