Another tech bank is in deep trouble — but not because of crypto
Image: Michele Doying / The Verge
(Update 12:12PM ET: Federal and state regulators stepped in and shut down Silicon Valley Bank to protect insured deposits.)
Two days after Silvergate Bank announced its shutdown in a collapse with deep ties to problems with some of its crypto customers, Silicon Valley Bank is also struggling. Its stock price plunged more than 60 percent before trading was halted on Friday morning. It may sell itself — CNBC reports it’s now in talks to sell itself, and Reuters says that it’s “exploring options, including a sale.”
Silicon Valley Bank is known for serving venture capital firms and the local tech startups those firms invested in. On Wednesday, the bank announced a bunch of bad news. It sold almost all of its securities, some $21 billion…
