Scaramucci leads bidding for Silicon Valley Bank VC arm: Report

SVB Financial Group, the previous parent company of Silicon Valley Bank is getting closer to an offer that will see the institution offer its endeavor capital arm SVB Capital.According to a Sept. 15 report from the Wall Street Journal– pointing out sources knowledgeable about the matter– Anthony Scaramuccis SkyBridge Capital and Atlas Merchant Capital are jostling with the San Francisco firm Vector Capital in the last phases of the bidding process.Sources claimed that SVBs equity capital arm could be sold for in between $250 million and $500 million, but cautioned that a final sale is not guaranteed and that it would still require the evaluation of the lenders committee. A decision on the sale is expected to come prior to the court in the coming weeks. Significantly, SVB Capital was not included in the SVBs overarching Chapter 11 personal bankruptcy procedures, and the bank reportedly said that the attire would continue its “regular course operation” of service in spite of being offered. SVB Capital is a financial investment capital platform that carries out a large range of financial investments, including the support of other major Silicon Valley equity capital companies such as Sequoia and Andreessen Horowitz (a16z). Since December 2022, SVB Capital held $9.5 billion in possessions throughout 20 funds and 760 companies, including blockchain analytics service Chainalysis.SVB Capital holdings introduction as of December 2022. Source: SVB CapitalMeanwhile, Scarammucis SkyBridge Capital handles some $1.8 billion in assets. Of that figure, roughly $580 million is kept in cryptocurrencies and other digital asset-related investments.Cointelegraph gotten in touch with SkyBridge Capital and SVB Capital for comment however did not receive a reply by the time of publication.Related: Senators slam bank execs for blaming collapses on crypto, stealing millionsEarlier this year, Silicon Valley Bank was closed down by Californias financial watchdog on March 10 and applied for bankruptcy on March 17. Prior to its collapse, Silicon Valley Bank was among the few institutions that offered banking services to crypto business in the United States.Customers lining up outside of Silicon Valley Bank at its Menlo Park, CA branch. pic.twitter.com/SDNrSUC1C0— Cointelegraph (@Cointelegraph) March 10, 2023

SVB collapsed together with other crypto and tech-friendly banks, including Signature Bank and Silvergate Bank, in what was later on viewed as the worst banking crisis considering that 2008. Earlier this year, the investment-banking arm of SVB Financial, understood as SVB Securities, offered itself to its creator Jeff Leerink and other senior supervisors for $100 million. Magazine: How to secure your crypto in an unstable market– Bitcoin OGs and professionals weigh in