Silvergate Bank Looks to Raise $461M in Public Stock Offering

Silvergate Bank is looking to raise around $461 million through sale of 3.31 million shares of common stock.

The crypto-focused bank estimates that net proceeds will be around $532 million if underwriters exercise their option to purchase additional shares in full, according to a filing Wednesday.Silvergate intends to use the net proceeds to supplement its regulatory capital levels and support its growth through strategic acquisitions and other initiatives.According to the filing, Silvergate’s digital currency deposits were $15.6 billion as of Nov. 30.The bank recently received an endorsement from JPMorgan, when the investment banking giant gave Silvergate an overweight recommendation.The company’s shares closed at $165.16 on the New York Stock Exchange yesterday.

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