Crypto VCs Urge Portfolio Companies to Pull Funds From Silicon Valley Bank
Spokespeople for Mechanism Capital and Eden Block confirmed they have advised portfolio companies to withdraw funds held at SVB. Pantera Capital, the hedge fund and venture investor, is telling portfolio firms to explore multiple accounts, a spokesperson confirmed. Two additional venture capital investors in crypto have issued similar advice to startups they’ve backed, but asked not to be named due to commercial sensitivities.
Silicon Valley Bank Scrambles to Reassure Clients After 60% Stock Wipe-Out
SVB Financial Group (SIVB.O) scrambled on Thursday to reassure its venture capital clients their money was safe after a capital raise led to its stock collapsing 60% and contributed to wiping out over $80 billion in value from bank shares.
