Why Silvergate Capital Stock Popped Today
Shares of crypto-related bank Silvergate Capital (NYSE: SI) jumped as much as 14.5% in trading on Tuesday and closed up 13.7% for the day.
The crypto credit crisis continues and the news over the holiday weekend was lender Vauld suspending withdrawals, but then finding a potential bailout in the form of an acquisition by Nexo. The deal with Nexo is far from complete, but the company has 60 days to perform due diligence before deciding if it wants to acquire the company.
Celsius (CRYPTO: CEL), which has also frozen withdrawals, has also reportedly paid back $161 million of the funds it owed to Maker. That company has a long way to go to pay back all of its debts, but this is a good start.
Source Fool.com
