Silicon Valley Bank in Search of External Acquisition Amidst Challenges: Report
SVB Financial Group, the parent company of Silicon Valley Bank, has halted trading as it seeks to be acquired after failing to raise fresh capital. The news has sent shockwaves through the crypto industry, as SVB counts several high-profile crypto VC firms among its customers, including Andreessen Horowitz and Sequoia Capital. Shares in the firm have plummeted more than 62% pre-market, and various funds, including Peter Thiel’s Founders Fund, have reportedly advised their portfolio companies to pull money out of the startup-centric bank. SVB’s crypto-centric VC clients have not yet commented on the news.