On Friday, SVB Financial Group (SIVB), the parent company of Silicon Valley Bank, filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the Southern District of New York. Although Silicon Valley Bank was shut down by regulators last week, SVB Financial Group clarified that it is no longer associated with the bank.
The failure of Silicon Valley Bank was sandwiched between the collapses of Silvergate Bank and Signature Bank (SBNY), which were more crypto-focused. Although Silicon Valley Bank had some prominent crypto customers like Circle Internet Financial and Ripple, it was not as crypto-focused as the other two banks. According to SVB Financial Group, it has around $2.2 billion in liquidity, $3.3 billion in bond debt, and $3.7 billion in preferred equity outstanding.