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Cryptocurrency-focused bank Silvergate Capital upsizes IPO

Silvergate Capital Corp., a La Jolla, Calif.-based bank with a focus on digital currency businesses, increased the size of its initial public offering to $60 million from $50 million, according to an amended registration statement.

The offering includes class A common shares to be sold by the selling stockholders and class A common shares that may be purchased by the underwriters pursuant to the overallotment option. The filing did not list the number of shares to be offered.

Silvergate Capital plans to use the net proceeds to the company from the offering to fund organic growth and for general corporate purposes, which could include repayment of long-term debt, future acquisitions and other growth initiatives. The firm will not receive any proceeds from the sale of shares by the selling stockholders.

Barclays Capital Inc. and Keefe Bruyette & Woods Inc. are acting as representatives of the underwriters and joint book-running managers of the offering.

Silvergate Capital is the holding company for Silvergate Bank, which provides financial infrastructure solutions and services to participants in the digital currency industry.