about Signature Bank and suggested that the stock might be an opportunity. “Signature [is the] last game in crypto-town,” Shaw said. “It is the only larger bank that still has a functioning on-ramp for institutional cryptocurrency investors. While SBNY has restricted its exposure to this area, this could provide some additional pricing power.” The Wells Fargo analyst added:
Additionally, SBNY could use this as a catalyst to move away from in-kind deposits for service to a fee-for-service model, which may be more regulatory and capital friendly. Shaw’s investor memo suggests that SBNY’s strategies may be superior to Silvergate’s, and that providing banking services to cryptocurrency firms was not the primary reason for Silvergate’s financial difficulties. Theanalyst also stressed, however, that SBNY’s exposure to cryptocurrency assets is more restricted.
“The difficulty for SI was being a mono-line provider to cryptocurrency,” Shaw’s investor memo concludes. “At the end of the year, SBNY limited its exposure to cryptocurrency to 15% of deposits, which should help to decrease liquidity volatility, as we saw in ’22.”
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