Recent data shows that Silvergate Bank, a crypto-friendly financial institution, has become the most shorted stock in the United States, according to the Financial Industry Regulatory Authority. On Tuesday, Silvergate’s stock saw a rise after it was discovered that Citadel Securities holds a 5.5% stake in the bank, according to a Schedule 13G filing with the Securities and Exchange Commission (SEC).
As Silvergate Shares Are the Most Shorted Stock on Wall Street, Citadel Securities Claims 5.5% Stake in the Crypto-Friendly Bank
According to current market data, shares of the crypto bank Silvergate have fallen 85.62% over the past six months. Additionally, as of Feb. 9, 2023, the Financial Industry Regulatory Authority reports that Silvergate Capital’s shares are the most shorted stock in the country.
However, over the last month, Silvergate’s stock has risen 14.48% against the U.S. dollar, and there has been some improvement in price growth in 2023 compared to 2022.
The Short Interest Reporting also indicated that as of Jan. 31, 2023, 72% of Silvergate’s shares were being used for shorting. In recent months, Silvergate has been dealing with negative news regarding the bank’s relationship with the now-defunct Alameda Research and…