Crypto Friendly Silvergate Bank Gets Listed on NYSE

Shares of Silvergate Bank, which is known for its crypto friendly service, got listed on the New York Stock Exchange (NYSE) on November 7 under the ticker ‘SI’.

The share of California-based commercial bank, focused on crypto currency companies, exchanged hands at $12.75 on the NYSE.

The exchange highlighted the listing and traded price through a tweet.

Along with the listing event, Silvergate commemorated its IPO (initial public offering) day today, as per the NYSE.

The listing follows the company’s announcement of the floor price of $12 for the offering involving 3,333,333 shares (Class A common stock) on November 6.

While 824,605 shares were offered by Silvergate, 2,508,728 shares were offered by shareholders.

The window period for subscribing to the offering ends on November 12, in accordance to customary closing rules.

The company pointed out that a registration statement associated with Silvergate’s securities was endorsed by the US SEC (Securities and Exchange Commission) on November 6, 2019.

In an October 28 filing with the SEC, Silvergate had claimed an increase in the number of cryptocurrency clients to 756 by the end of September quarter, from 655 at the end of previous quarter. The clients include cryptocurrency exchanges, custodians and miners, among others.

In August 2019, Gemini cryptocurrency exchange, established by Winklevoss twins, signed up with Silvergate’s Silvergate Exchange Network (SEN) to quicken fiat remittance. The SEN consists of several cryptocurrency exchanges and investors as members. That ensures easy US dollar transactions between SEN members all-round the year – “24 hours a day, 7 days a week, 365 days a year.”

As per the filing, the SEN recorded $10.40 billion in transfers for the September quarter, taking the total tally of transfers on the SEN to $23.10 billion and total fiat transfers including wires to $41.50 billion for the nine-months ended September 30, 2019. The figures for the same period last year were $4.40 billion and $25.90 billion, respectively.