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Peter Thiel-Backed Ethereum Rival Block.one Exits Silvergate Stake

Benzinga · 03/10/2023 02:02

Block.one, the crypto startup backed by Peter Thiel said on Wednesday that it sold its entire Silvergate Capital Corp (NASDAQ:SI) equity position.

What Happened: Block.one said it has exited its equity position in Silvergate following the company's announcement last week that its annual report to the Securities and Exchange Commission will not be filed on time. 

Block.io is the startup that raised $4 billion in an ICO for Ethereum (CRYPTO: ETH) competitor EOS (CRYPTO: EOS).

Furthermore, Silvergate officially confirmed that it will begin the process of winding down operations on Wednesday.

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According to SEC filings, Block.one CEO Brendan Blumer and his company held a combined 9.9% stake in Silvergate Bank worth $95 million in 2022.

As of last Friday, when Block.one said it exited its equity position, Silvergate’s shares closed trading at only $5.69. 

Read More: Bitcoin Slumps To $20K, Ethereum, Dogecoin Shiver On Biden's New Crypto Tax Scheme: Analyst Sees 'Euphoric' Bears At This Leve