Cryptocurrencies
George Soros’s Family Office Bets Against Crypto Bank Silvergate
- Family office held put options on 100,000 shares of the bank
- Silvergate is among the most-shorted stocks in the US
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Billionaire George Soros’s family office disclosed a bet against Silvergate Capital Corp., a bank facing increasing public scrutiny over its ties to Sam Bankman-Fried’s bankrupt business empire and the broader cryptocurrency industry.
Soros Fund Management held put options on 100,000 shares of Silvergate, with a market value of $1.74 million, as of Dec. 31, according to a regulatory filing. The trade would turn a profit should shares drop beneath a certain level that wasn’t disclosed in the filing, and no expiration date for the options was given.