Signature Bank Shares Rise After FTX Exposure Update

By Dean Seal

Shares of Signature Bank advanced 10% to $152.31 after the company put out a statement emphasizing its limited relationship with the bankrupt cryptocurrency exchange FTX.

The New York-based bank said Tuesday that it has a deposit-only relationship with FTX, and that the exchange and its related companies make up less than one-tenth of a percent of the bank's overall deposits.

The bank also pointed out that it doesn't lend on crypto assets, invest in cryptocurrencies or custody and digital assets for its clients.

"Signature Bank's relationships in the digital asset space can be characterized as traditional deposit banking, including cash and treasury management services to institutional entities," according to the statement.

Following a liquidity crunch, FTX filed for bankruptcy last week in a stunning collapse for what had been the fourth largest crypto exchange in the world.

Write to Dean Seal at dean.seal@wsj.com

(END) Dow Jones Newswires

November 15, 2022 13:06 ET (18:06 GMT)

Signature Bank (NASDAQ:SBNY)
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