Despite the interest from Ken Griffin's firm, it doesn't change what is fundamentally at play for the bank, said Andrew Defrance, an analyst at KBW."It could lead to a squeeze short term given how high the short interest is, but there would need to be some sort of clarity to be a thesis-changing event for shorts/longs here," he added.
Short interest in Silvergate remains high, with around 72% of outstanding shares currently sold short, according to NYSE data viaCoinbase gained around 17.5%, trading just below $70 at the close. The crypto exchange appears to have shrugged off last week's regulatory woes for now.MicroStrategy jumped 10% to trade above $298 by the close. The software firm, better known in recent years for its bet on bitcoin, is up over 100% year-to-date.
Shares in Robinhood were also higher today, gaining 5.7% to trade above $10. The retail investing platform