Silicon Valley Bank collapse: How SVB stock price performed in 5 years

cointelegraph.com:

Silicon Valley Bank (SVB) has suffered a significant fall from grace following half a decade of being rated as one of the best banks in the United States.

SVB and its parent company, SVB Financial Group, had been held in high esteem as financial institutions serving companies across a variety of industries, from technology and venture capital firms to private equity clients.

SVB was included on Forbes’ annual list of the best banks in the U.S. for five consecutive years, a point its parent company celebrated on Twitter just a few weeks before its closure under Federal Deposit Insurance Corporation control on March 10.

SVB deleted their twitter account @SVB_FinancialThis is what they posted just a few days ago: pic.twitter.com/Tc6EFZhJnn

SVB Financial has since deleted its Twitter account after the California Department of Financial Protection and Innovation ordered it to shut its doors.

The fallout has had a direct, tumultuous effect on the broader cryptocurrency ecosystem, as stablecoin issuer Circle had $3.3 billion in USD Coin (USDC) reserves tied up in the bank. USDC depegged from its $1 mark as a result but has since clawed its way back to near-parity with its fiat-based peg.

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Data from Forbes highlights SVB Financial’s stock price performance over the past five years. SIVB hovered between highs of around $325 and $136 between 2018 and the end of 2020. It then hit highs of approximately $759 at the tail end of 2021 before a slow and steady decline alongside the wider cryptocurrency and conventional markets.

SIVB’s share price has since dropped to as low as $100 following the closure of SVB.

William Quigley, co-founder of Tether,