Block.one, the Peter Thiel-backed crypto startup that famously raised $4 billion in an ICO for Ethereum competitor EOS, said in a press release Wednesday that it has sold its entire Silvergate Bank equity position.

In a statement, Block.one said that it “exited” its equity position following Silvergate’s announcement last week that it would not file its annual report with the U.S. Securities and Exchange Commission on time. On Wednesday, Silvergate confirmed that it will wind down operations.

Block.one wrote that while it’s disappointed in how things have ended for Silvergate, it is still “unwavering that banks and other financial institutions embracing the digital asset and cryptocurrency sectors are well-positioned.”

By the end of last year, Block.one CEO Brendan Blumer and his company held a combined 9.9% stake in Silvergate Bank worth approximately $95 million, according to SEC filings. He first acquired a

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Author: Stacy Elliott

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