The world’s largest asset manager, BlackRock BLK –1.82% disclosed a significant position in Silvergate Capital SI +2.18% the beaten-down banker to the cryptocurrency industry whose share price has been a high-profile casualty of the crypto meltdown. The disclosure may have caused a significant move in Silvergate stock Tuesday—one that doesn’t reflect the ordinariness of BlackRock’s filing.
In a filing Tuesday with the Securities and Exchange Commission, BlackRock (ticker: BLK) disclosed a 7.2% stake in Silvergate (SI), representing 2,285 shares purchased on Dec. 31. It makes BlackRock one of the bank’s largest shareholders.
BlackRock, though, is one of the world’s largest index fund providers, and the disclosure almost certainly doesn’t reflect a fundamental view on the stock, but a shift in index positions or fund flows.
