SVB Financial Group Files For Bankruptcy; Bitcoin Spikes By 8%

Crypto News: The Silicon Valley Bank Financial Group on Friday announced that it has filed a voluntary petition for a court supervised reorganization under Chapter 11 in the United States Bankruptcy court amid the emerging crisis. This comes after the U.S. financial institution came in to handle the erupting banking disaster.

SVB Holds $2.2 Bln Of Liquidity

The release published by SVB mentioned that SVB Securities and SVB capital’s funds and general partner entities are not part of these filings. The mentioned entities will continue to operate manner. SVB Capital funds will have regular access to sources of funding including subscription credit facilities and more.

As per the release, the company now has approximately $2.2 billion of liquidity. Other than cash, its interest in SVB Capital and SVB Securities, the firm has other valuable investment securities. Meanwhile, the SVB Financial Group’s funded debt is approx $3.3 billion as an aggregate principal amount of unsecured notes.

It added that the Financial Group has $3.7 billion of preferred equity outstanding.

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However, Bitcoin, the world’s largest crypto asset is printing green indexes amid the recent bank crisis. Bitcoin price is up by 8% over the last 24 hours. BTC is trading at an average price of $26,947. It is close to breaching the crucial $27k level. BTC 24 hour trading volume is up by 4% to stand at $42 billion.

Global crypto industry saw a broad recovery after witnessing a long crypto winter. The cumulative crypto market cap is up by 5.83% to stand at $1.14 trillion. However, its 24 hour trading volume is down by 3% to stand at $75.1 billion.

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