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Crypto-focused Silvergate Bank Files For $50 Mln IPO


Silvergate Capital, the parent of Silvergate Bank with a focus on digital currency industry, filed for an initial public offering, aiming to raise up to $50 million.

In a document filed with the Securities and Exchange Commission, the La Jolla, California -based emerging growth company said it plans to list on the NYSE under the symbol "SI.". Silvergate Capital reportedly filed confidentially on August 3, 2018.

Barclays and Keefe, Bruyette & Woods are the joint bookrunners on the deal.

Silvergate, which was founded in 1988, began exploring the digital currency industry in 2013 based on market dynamics, as per the filing. Silvergate Bank is a provider of innovative financial infrastructure solutions and services to participants in the nascent and expanding digital currency industry.

For the nine months ended September 30, 2018, the company reported net income of $14.31 million, a growth of 151 percent from last year's $5.70 million. The company recorded less than $1.07 billion in total annual gross revenue during the last fiscal year.

As of September 30, 2018, the company had 483 established and emerging digital currency industry customers, a growth of 324 percent from the previous year.

Silvergate said in its prospectus, "Our ability to address these market dynamics over the past five years has provided us with a first-mover advantage within the digital currency industry that is the cornerstone of our leadership position today."

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