Signature Bank shares dropped as much as 32% on Friday and were halted amid a sell-off in bank stocks that continued for a second day.
The troubles at Silicon Valley Bank rippled across bank stocks. First Republic Bank, PacWest Bancorp, Western Alliance Bancorp were among the other names whose trading was for volatility.
Signature has said it has minimal exposure to crypto, but Silicon Valley Bank's need to recapitalize on the heels of the Silvergate event has linked the two events in some people's minds.Valkyrie chief investment officer Steve McClurg said the Signature Bank was already hurting on the back of Silvergate's losses, which now total almost 50% for the week. Its Friday losses are a spillover effect from the Silicon Valley Bank woes, he added.
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