Citadel Securities, owned by Citadel’s Ken Griffin, reported a 5.5% stake in cryptocurrency-focused lender Silvergate Capital Corp worth approximately $25 million in a regulatory filing on Tuesday. Silvergate stock jumped after the announcement, closing up about 14%. According to a person familiar with the matter, the filing was the result of the firm’s market making operations rather than a directional investment in Silvergate. In a regulatory filing on Monday, Soros Fund Management disclosed a bet against Silvergate, showing a put options position against 100,000 shares of Silvergate as of December 31. Based on Silvergate’s closing price of $17.40 at the end of 2022, those shares are worth approximately $1.74 million.
