The collapse of Sam Bankman-Fried‘s FTX cryptocurrency exchange appears to have further legs to play out as the crypto-friendly Silvergate Bank, which is owned by Silvergate Capital Corp. (NYSE: SI) and lent heavily to the exchange, is now in troubled waters.
What Happened: Silvergate Capital announced this week that it was voluntarily liquidating the bank’s operations after raising doubts about its ability to continue as a going concern in an SEC filing on March 1.
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Against the backdrop of these adverse developments, at least one fund manager can heave a sigh of relief for its prescience.
Cathie Wood’s Ark Invest, which took a position in Silvergate Capital in November 2020, a year after the company went public, once held …
