Why Bitcoin- And Ethereum-Related Stock Silvergate Is Up 30%

Silvergate Capital Corp SI shares are trading higher by 30.23% to $2.24 Monday morning after MicroStrategy Inc MSTR reported it voluntarily prepaid its Silvergate Bank loan. MicroStrategy prepaid approximately $161.0 million.

What Else?

The Term Loan was issued pursuant to a Credit and Security Agreement, dated as of March 23, 2022 by and between Microstrategy and Silvergate and was collateralized by certain bitcoin owned by Microstrategy and a $5.0 million cash reserve account.

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Silvergate agreed to accept $161 million in full repayment, satisfaction and discharge of the Term Loan and all other obligations under the Credit Agreement and the other related loan documents.

According to data from Benzinga Pro, SI has a 52-week high of $162.64 and a 52-week low of $1.10.