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.
- The shares will be priced at a maximum $145 each.
- 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, Silvergateâ€™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 companyâ€™s shares closed at $165.16 on the New York Stock Exchange yesterday.
UPDATE (Dec. 8, 11:53 UTC): Adds proposed sale price in second bullet point.