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US bank woes? Silicon Valley Bank stocks plunge 1 day after Silvergate downfall


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Fears have been heightened over the future of another United States bank this week after Silicon Valley Bank (SVB) announced a significant sale of assets and stocks aimed at raising additional capital.

However, some investors may be concerned that not all is well at the tech startup and VC-focused bank, particularly given the closure of crypto bank Silvergate just a day earlier. Shares in Silicon Valley Bank collapsed over 60%, wiping some $80 billion in value from the bank’s shares.

SVB is one of the top 20 largest banks in the United States and provides banking services to the likes of crypto-friendly venture firms Sequoia and Andreessen Horowitz (a16z).

In a March 8 financial update, it disclosed it sold $21 billion worth of its securities holdings for a $1.8 billion loss to shore up its balance sheet.

It also raised $500 million from venture firm General Atlantic and is seeking to raise another $1.75 billion in sales of its shares, for a total of $2.25 billion.

It said the sale was made as it expects “continued higher interest rates, pressured public and private markets, and…

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