Three crypto venture capital firms, Paradigm, Pantera Capital, and Andreessen Horowitz (a16z), may have over $5b tied up in Silicon Valley Bank (SVB).
Crypto venture funds used Silicon Valley Bank
Funds were reportedly held in custody by SVB, which was shut down and the Federal Deposit Insurance Corporation (FDIC) assigned as a receiver by the California Department of Financial Protection and Innovation on Mar. 10.
Unconfirmed data, scrapped from the United States Securities and Exchange Commission (SEC) ADV file data over five years, shows that as of May 6, 2022, a16z related funds had $2.85b in SVB. Meanwhile, as recently as this year, Paradigm and Pantera Capital funds have over $2.5b locked up in the technology lender.
Although the report was auto-scraped from SEC filings over five years, it does not include recent updates, such as deposits or transfers made after disclosure. It only provides a snapshot of the VCs’ assets held in custody by SVB at a particular time.
Moreover, scrapped data doesn’t show the amount of funds held by the above crypto funds when the California regulator placed SVB under FDIC receivership. Moreover, from the above batch, It is also unclear how much of Paradigm, Pant
Go to Source to See Full Article
Author: Dalmas Ngetich