Silvergate Capital (SI) Moves on BlackRock (BLK) Investment | #shorts
Silvergate Capital, the “crypto bank” continues to enjoy a nice rally as shares have nearly doubled since the start of the year. Up 36%. There is a combination of factors that have contributed to the recent run. The fallout from…
Silvergate Capital, the “crypto bank” continues to enjoy a nice rally as shares have nearly doubled since the start of the year. Up 36%. There is a combination of factors that have contributed to the recent run. The fallout from the FTX collapse is, for the most part in the, rear-view mirror, the Risk appetite for investors has grown significantly which has led Bitcoin and other crypto currencies to spike, and today its been revealed that popular asset manager BlackRock has taken a 7.2% stake in the company. The stock is up 10% in session on the news. This move in Silvergate also is a result of a significant short squeeze taking place. The latest short interest float is at 70% with about 2 “Days to Cover”. This means a lot of intraday shorting is taking place. As the stock rises, short sellers may not be able to find additional shares to borrow, forcing them to buy back their position, creating this domino effect in the market. If you like the video please share, like and subscribe.
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