Silicon Valley Bank has collapsed, the largest bank since 2008.
Silicon Valley was the 16th largest bank in the US, holding $210 billion in assets.
ilicon Valley Bank CEO Greg Becker gave a statement trying to calm investors and entrepreneurs on Thursday afternoon. The company didn't open for trading at 9:30 after its shares dropped by 62% premarket trading.
Silicon Valley Bank has collapsed, the largest bank since 2008
3/10/2023
Becker: “My ask is to stay calm because that’s what is important... We have been long-term supporters of you — the last thing we need you to do is panic.”
The bank was reportedly in talks to sell itself, per David Faber, after it tried but failed to raise capital, per CNBC. A hired advisor was also hired by the bank to see if a potential sale would be possible. All those efforts failed.
SIVB is now federally controlled. Silicon Valley Bank, $SIVB, has been closed by regulators, which are now in charge of the bank’s deposits, according to a release sent out by the Federal Deposit Insurance Corporation, per TechCrunch.
Additionally, before the collapse of Silicon Valley Bank, $SIVB, the CEO sold $3.57 million of stock within the last two weeks.
Meanwhile, he flow on $SIVB has been bearish for a while, since at leas Feb 15th.
Check the opening flow alerts from this morning.
People smelt blood and pushed SIVB down with 100% bearish alerts. Yet let's look at opening alerts over last ten days.
You'll see traders were mainly bearish, with many opening trades (ie: new positions).
Let's take one example, the $SIVB 210 P 4/21/2023. Traders were trading this on March 6th, opening a new position for $3.67 per contract. That is now trading at $58.30.
The trader is out of their position as of today. This trader made approximately 2000% in three days. They won the lotto.
Let's look at those opening alerts from this morning (say you followed the flow). You'd see traders were trying to push $SIVB down with 11-18% OTM puts, heavily. Those traders exited their position, and made around 600% from the morning. Unusual.
Read more: https://unusualwhales.com/news/silicon-valley-bank-sivb-ceo-has-said-to-investors-stay-calm-and-dont-panic
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