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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.


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.


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 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.


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.

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