Today Block.one and CEO, Brendan Blumer, each filed a Schedule 13G with the U.S. Securities and Exchange Commission in connection with Block.one’s acquisition of 7.46% of the Class A common stock of Silvergate Capital Corp. and Brendan Blumer’s deemed ownership of 9.27% of Silvergate’s Class A common stock.
At Block.one, we believe Silvergate Capital has shown that it consistently innovates beyond its peers within federally regulated banking frameworks.
The successful network effects that Silvergate has built through the Silvergate Exchange Network (SEN) bridge the emerging 24/7 financial marketplace with institutional financial services, and positions Silvergate to capitalize on high-potential product adjacencies.
Further, Silvergate Capital has a proven track record of maintaining a liquid and conservative balance sheet investment portfolio – far more conservative than most federally regulated banking institutions. This approach highlights the importance Silvergate has placed on maintaining a low-risk liquidity profile required to be a reliable banking counterparty in the rapidly growing blockchain space.
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.
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