Get the scoop on finance - sign up for mobile alerts
Futuremash
| On
June 25, 2023

US Government Spent $12,700,000,000 To Bail Out 10 Wealthy Depositors Amid Banking Crisis: Report

By Henry Kanapi

The Federal Deposit Insurance Corporation (FDIC) has released an unredacted document that shows the government guaranteed the deposits of Silicon Valley Bank’s (SVB) ten largest customers following its high-profile collapse in March.

The FDIC “mistakenly” released the complete version of the document following a Freedom of Information Act request from Bloomberg.

ADVERTISEMENT

The document reveals the names of the firms that were bailed out, along with their total deposits that immensely exceed the $250,000 FDIC protection limit per account.

Stablecoin issuer Circle was SVB’s top depositor to the tune of $3.3 billion. In March, the Boston-based firm said $3.3 billion of the $40 billion backing its stablecoin USD Coin (USDC) was initially stuck in the bankrupt bank.

Venture capital giant Sequoia, a firm with $85 billion in assets under management, was also on the list with $1.1 billion in deposits.

In total, Silicon Valley Bank and its parent firm Silicon Valley Group were handed $4.6 billion.

ADVERTISEMENT

Next up is Kanzhun Limited, an online recruitment services firm, which had over $902.87 million in deposits with SVB.

Coming in at number six is the California-based fintech firm Bill.com. The payments platform had a total balance of $761.10 million at SVB.

At number seven is Altos Labs, a biotech research company that had over $680.34 million stored with SVB.

Card issuing platform Marqeta is also on the list with more than $634.53 million in deposits.

Streaming device provider Roku had about $420 million in deposits with SVB.

ADVERTISEMENT

Rounding out the list is IntraFi, a firm that offers FDIC-insured deposit solutions to large entities. According to the document, IntraFi had a total balance of $410.85 million at SVB.

All in all, the US government backstopped SVB’s 10 wealthiest depositors for over $12.75 billion.

Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
&nbsp
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Generated Image: Midjourney