Bank Makes Bid for Silicon Valley Bank, While Bitcoin, Ether and USDC Rebound

Bank of London presented an official offer on Sunday to acquire the U.K. subsidiary of Silicon Valley Bank SIVB.

The offer was submitted by a group of top private equity firms led by the Bank of London.

In a released statement, Bank of London confirmed the submission of the proposal and the consortium’s intent to acquire Silicon Valley Bank UK.

“A consortium of leading private equity firms, led by The Bank of London, confirms it has submitted formal proposals to His Majesty’s Treasury, The Prudential Regulation Authority at The Bank of England, and the Board of Silicon Valley Bank UK,” the statement read. 

The Federal Deposit Insurance Corp. (FDIC) had initiated an auction process for Silicon Valley Bank on Sunday morning, with the final bids for the bank expected to be submitted by late afternoon. No final decision has been made yet, and it remains possible that no deal will be reached.

Read Also: CZ Speculates On Government Plot To Take Down Banks; Circle Responds To SVB Fall

With the auction ongoing, Bank of London emerged as a potential suitor and submitted a proposal just before the auction closed.

In other news, following a sharp decline on Friday amid concerns around the collapse of Silicon Valley Bank, Bitcoin BTC/USD and Ether ETH/USD experienced an uptick of about 4% in the past 24 hours.

Circle, the issuer of USD Coin USDC/USD, initially contributed to the spreading of the risks to the cryptocurrency markets, after the company shared that it had been exposed to the bank. Still, Bitcoin managed to surpass the $21,000 mark on Saturday while Ether climbed above $1,541, sharing early indications of market stabilization. Both tokens had previously fallen below strong resistance levels on Friday.

Similarly, Polygon MATIC/USD saw a rise of over 6%, while BNB (CRYPTO BNB) was trading up over 3% as of Sunday.

In contrast, other cryptocurrencies have not displayed similar gains, suggesting that traders are not willing to take risks on lesser-known tokens at this time.

Read Next: JPMorgan Predicts Impending Disaster For Crypto Market Following Silvergate Shutdown

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