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Peter Thiel-Backed Ethereum Rival Block.one Exits Silvergate Stake

Block.one, the crypto startup backed by Peter Thiel said on Wednesday that it sold its entire Silvergate Capital Corp (NASDAQ: SI) equity position.
byMehab Qureshi
March 10, 2023
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Block.one, the crypto startup backed by Peter Thiel said on Wednesday that it sold its entire Silvergate Capital Corp (NASDAQ:SI) equity position.

What Happened: Block.one said it has exited its equity position in Silvergate following the company’s announcement last week that its annual report to the Securities and Exchange Commission will not be filed on time. 

Block.io is the startup that raised $4 billion in an ICO for Ethereum (CRYPTO: ETH) competitor EOS (CRYPTO: EOS).

Furthermore, Silvergate officially confirmed that it will begin the process of winding down operations on Wednesday.

See More: Top Indian Apps That Give Bitcoin, NFT Rewards

According to SEC filings, Block.one CEO Brendan Blumer and his company held a combined 9.9% stake in Silvergate Bank worth $95 million in 2022.

As of last Friday, when Block.one said it exited its equity position, Silvergate’s shares closed trading at only $5.69. 

Read More: Bitcoin Slumps To $20K, Ethereum, Dogecoin Shiver On Biden’s New Crypto Tax Scheme: Analyst Sees ‘Euphoric’ Bears At This Leve

 
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WM Technology, Inc. (NASDAQ: MAPS) - also known as Weedmaps - announced on Friday its first quarter financial results for the three months ended March 31, 2024 and the full year ending December 31, 2023."I am proud of the progress and results our team was able to deliver to start the year, and more importantly, we are pleased that the net effects of our revenue recognition review were relatively minimal," said Doug Francis, executive chair of WM Technology. "We believe our continued focus on developing strong client relationships and commitment to operational efficiency have positioned the Company to continue to profitably build its base of quality clients in this dynamic industry over time."

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