Ken Griffin's Citadel reveals 5.5% stake in crypto bank Silvergate

Feb 14 (Reuters) - Citadel Securities, the market maker that is part of Ken Griffin's Citadel investment firm, on Tuesday reported a 5.5% stake in cryptocurrency-focused lender Silvergate Capital Corp (SI.N) worth about $25 million, according to a regulatory filing.

Shares in Silvergate jumped after the disclosure, and were last up about 14%.

Silvergate has been seeking to ease investor concerns over its future, after reporting a $1 billion loss for the fourth quarter because crypto exchange FTX's bankruptcy shook confidence in the digital asset sector.

Federal prosecutors in Washington are probing Silvergate and its dealings with FTX and Alameda Research, according to a source familiar with the investigation.

U.S. custodian bank State Street Corp (STT.N) reported a 9.32% passive stake in Silvergate earlier this month.

Reporting by Hannah Lang in Washington; Editing by Leslie Adler

Reuters

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

off-the-wire

Ken Griffin's Citadel reveals 5.5% stake in crypto bank Silvergate

By Reuters

Reuters

Reuters

Gold is never going back to $2,000: 'That's history,' prices to 3x from here – Peter Schiff

‘Biggest economic shift since Nixon’: Major U.S. monetary policy changes coming in 12-36 months – Jack Mallers

India joins South Africa in denying BRICS currency plans after Trump’s 100% tariff threat

Solid price gains for gold, silver after busy news weekend

Bitcoin remains a ‘speculative vehicle’ and ‘won’t work’ as a reserve: ‘I prefer gold’ – Ray Dalio