Peter Thiel-Backed Ethereum Rival Exits Silvergate Stake - Silvergate Capital (NYSE:SI), the crypto startup backed by Peter Thiel said on Wednesday that it sold its entire Silvergate Capital Corp SI equity position.

What Happened: said it has exited its equity position in Silvergate following the company’s announcement last week that its annual report to the Securities and Exchange Commission will not be filed on time. is the startup that raised $4 billion in an ICO for Ethereum ETH/USD competitor EOS EOS/USD.

Furthermore, Silvergate officially confirmed that it will begin the process of winding down operations on Wednesday.

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According to SEC filings, CEO Brendan Blumer and his company held a combined 9.9% stake in Silvergate Bank worth $95 million in 2022.

As of last Friday, when said it exited its equity position, Silvergate’s shares closed trading at only $5.69. 

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