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Shares of Silvergate Capital Corp SI are trading higher Wednesday after Citadel disclosed that it acquired a stake in the company. During Wednesday’s session, shares of Silvergate were trading up more than 20%.
Citadel, owned by Ken Griffin, reported a 5.5% stake in Silvergate on Tuesday, worth about $25 million. Conversely, George Soros’s family office reported a short position, with a total of 100,000 shares worth of put options, according to filings.
Silvergate is a bank that mostly deals with crypto transactions. The company reported a net loss of about $1 billion in the fourth quarter of 2022 according to Benzinga Pro.
Other crypto stocks, like Coinbase Inc COIN, also traded higher Wednesday as Bitcoin and Ethereum remain strong.
Silvergate is one of the most-shorted stocks on the market, with more than 70% of its shares shorted according to Cointelegraph. This means that investors may be interested in Silvergate’s stock as a potential short squeeze.
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Image and article originally from www.benzinga.com. Read the original article here.