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Motley Fool
Why Shares of Silvergate Capital Are Up This Week
Shares of cryptocurrency bank Silvergate Capital (NYSE: SI) traded nearly 13% higher this week, as of 12:30 p.m. EDT Thursday, after a bank analyst initiated coverage of the stock. Morgan Stanley analyst Ken Zerbe not only initiated coverage of the bank, but also assigned Silvergate an overweight rating, meaning Zerbe believes Silvergate can perform better than other stocks in the banking sector. Silvergate is a niche bank because it has developed a proprietary payments platform that facilitates instantaneous transactions between cryptocurrency traders and cryptocurrency exchanges.
