SVB Financial Group Files for Bankruptcy
SANTA CLARA, CA – The former parent company of Silicon Valley Bank, SVB Financial Group, filed for Chapter 11 bankruptcy protection on Friday, according to a press release.
While SVB Financial Group stressed that it is no longer associated with Silicon Valley Bank, its closure last week sent shockwaves through the financial industry. Though not as focused on cryptocurrency as the distressed Silvergate Bank and Signature Bank, SVB had some high-profile crypto customers such as Circle Internet Financial and Ripple.
SVB Financial Group holds $2.2 billion in liquidity, $3.3 billion in bond debts, and $3.7 billion of preferred equity outstanding. Notably, the bankruptcy filing does not include SVB Capital and SVB Securities, the bank’s venture capital and broker-dealer arms, respectively.
