- Crypto-friendly bank Silvergate starts trading on NYSE after IPO approval.
- SI cites a 6% increase on the initial offering price of $12.
- SEN network continues to grow.
Silvergate Capital (NYSE: SI), a cryptocurrency-focused commercial bank, made its official listing on the New York Stock Exchange on Nov 7, commanding a 6% increase on the day. But how is it doing so far?
The NYSE officially listed the crypto-minded bank under the ticker SI, on Thursday. This followed a formal declaration from the US security and Exchange Commission (SEC), approving the institution’s initial public offering (IPO).
According to the firm’s announcement, 3,333,333 class A shares in SI were offered within the IPO. Silvergate granted 824,605 of the common stock, with a further 2,508,728 shares offered by shareholders. The IPO is anticipated to close on Nov 12.
Live trading initially started at $12.75, an impressive 6.2% gain over its IPO price of $12.
By the close on Thursday — while still citing a substantial increase over its IPO price — SI has cooled off somewhat, posting a price of $12.52.
Silver Gate bank listed on NYSE opens at $12.75 | Source: Twitter
This was preceded by an impressive intraday high shortly after trading commenced. According to NYSE, SI tapped a high of $13.25 – a solid 10% lead over its initial offering price, and 4% on the day.
SI intraday high on Nov 7, hours after listing. | Source: Yahoo Finance
Silvergate bank: A Crypto Titan
Silvergate isn’t a new institution. The commercial bank started as early as 1988 with the aim of creating a platform for innovators. This intention translated aptly into the digital currencies sector,