Silicon Valley Bank is fighting for survival as investors jump ship threatening the future of one of venture capital's most prominent financial firms.
FOX Business' Charlie Gasparino reported the firm is shopping itself, but any sale would need approval from the Federal Reserve which narrows the list of potential suitors. Billionaire hedge fund manager Bill Ackman floated the idea of a government bailout for the bank in a tweet saying, "The failure of @SVB_Financial could destroy an important long-term driver of the economy as VC-backed companies rely on SVB for loans and holding their operating cash.
Jitters spilled into the cryptocurrency market; bitcoin fell below the $20,000 level as investors continue to shed risky assets. "While VC deployment has tracked our expectations, client cash burn has remained elevated and increased further in February, resulting in lower deposits than forecasted.
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