barrons.com
In crypto these days, investors are reaching for bullish signs. But at Silvergate Capital a beaten-up crypto bank, a recent rally looks like a stretch. Silvergate jumped 8% Tuesday after BlackRock disclosed a 7.2% stake, making the world’s largest asset manager one of its largest shareholders.
The stock move is huge, considering that it may represent only passive fund reshuffling. Silvergate finished the week nearly 39% higher, a performance beating other suddenly hot crypto stocks, such as broker Coinbase Global