Block.one CEO Become Silvergate’s Largest Shareholder

According to records filed with the Securities and Exchange Commission on Wednesday, Brendan Blumer, the creator and CEO of EOS developer Block.One, purchased 9.3% of cryptocurrency bank Silvergate Capital (SI) with Block.One also purchased an additional 7.5%.

The documents showed that Block.One purchased 2,363,186 shares of the crypto bank on November 16, while Blumer purchased 2,934,537 shares.

According to the most recent data from FactSet, Blumer is now Silvergate’s largest shareholder as a result of the acquisition.

Alan Lane, the CEO of Silvergate, has stated that the firm has neither outstanding loans to nor investments in FTX and the exchange is not a custodian for Silvergate’s bitcoin-collateralized SEN Leverage loans, even though Silvergate previously acknowledged exposure to FTX in the form of deposits.

Block.one claimed in a news release that it thought Silvergate was an undervalued stock despite being a constant innovator:

“We believe Silvergate’s current equity prices do not accurately reflect their strong balance sheet, their strategic positioning, or their market-defiant growth trajectory, and therefore offers a unique investment opportunity. We are excited to be a new passive shareholder.”

Brenden Blumer and Dan Larimer founded the private blockchain business Block.one in 2017. The company is best known for creating the EOS.IO protocol, which was announced in 2017 and later made available as open-source software in 2018.

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