We first wrote about Silvergate Bank when they announced their pre IPO round by the Witter Family Office (not by the usual VC Funds). The Witter name should ring a bell with finance folks as the money came from Mr. Dean Witter and the firm that bears his name (part of Morgan Stanley since 1997).
Since then this dark horse neobank has been a frequent news-maker:
- – their stock price (SI) has performed well since IPO. Compare that to the other public crypto stock Coinbase (COIN). At IPO, SI left money on table so many could make money and then did a secondary raise.
- Silvergate made news with their Diem deal. It will be fascinating to see what they do with this technology. For our analysis at the time, please click here.
To see all our posts referencing Neobanks see this tag list.
To see all our posts referencing Silvergate, see this tag list.
Silvergate maybe acquired by big tech or a legacy bank; their valuation is still low enough to make this feasible.