1 year ago
Anthony Scaramucci’s SkyBridge Capital is among the plus absorption firms starring the bids for Silicon Valley Bank’s task superior arm, with a merchantability expected successful the coming weeks.
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SVB Financial Group, the erstwhile genitor institution of Silicon Valley Bank, is getting person to a woody that volition spot the instauration merchantability its task superior limb SVB Capital.
According to a Sept. 15 report from The Wall Street Journal, which cited sources acquainted with the matter, Anthony Scaramucci’s SkyBridge Capital and Atlas Merchant Capital are jostling with the San Francisco steadfast Vector Capital successful the last stages of the bidding process.
Sources claimed that SVB’s task superior limb could beryllium sold disconnected for betwixt $250 cardinal and $500 million, but warned that a last merchantability is not guaranteed and that it would inactive necessitate the reappraisal of the creditor’s committee.
A determination connected the merchantability is expected to travel earlier the tribunal successful the coming weeks.
Notably, SVB Capital was not included successful the SVB's overarching Chapter 11 bankruptcy proceedings, and the slope reportedly said that the outfit would proceed its “ordinary people operation” of concern contempt being enactment up for sale.
SVB Capital is an concern superior level that conducts a wide scope of investments, including the backing of different large Silicon Valley task superior firms specified arsenic Sequoia and Andreessen Horowitz (a16z).
As of December 2022, SVB Capital held $9.5 cardinal successful assets crossed 20 funds and 760 companies, including blockchain analytics work Chainalysis.
SVB Capital holdings overview arsenic of December 2022. Source: SVB CapitalMeanwhile, Scarammuci’s SkyBridge Capital manages immoderate $1.8 cardinal successful assets. Of that figure, astir $580 cardinal is held successful cryptocurrencies and different integer asset-related investments.
Cointelegraph contacted SkyBridge Capital and SVB Capital for remark but did not person a reply by the clip of publication.
Related: Senators slam slope execs for blaming collapses connected crypto, pocketing millions
Earlier this year, Silicon Valley Bank was unopen down by California’s fiscal watchdog connected March 10 and filed for bankruptcy connected March 17. Prior to its collapse, Silicon Valley Bank was 1 of the fewer institutions that offered banking services to crypto companies successful the United States.
Customers lining up extracurricular of Silicon Valley Bank astatine its Menlo Park, CA branch. pic.twitter.com/SDNrSUC1C0
— Cointelegraph (@Cointelegraph) March 10, 2023SVB crumbled alongside different crypto and tech-friendly banks, including Signature Bank and Silvergate Bank, successful what was aboriginal seen arsenic the worst banking situation since 2008.
Earlier this year, the investment-banking limb of SVB Financial, known arsenic SVB Securities, sold itself to its laminitis Jeff Leerink and different elder managers for $100 million.
Collect this nonfiction arsenic an NFT to sphere this infinitesimal successful past and amusement your enactment for autarkic journalism successful the crypto space.
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