With the collapse of SVB, signature bank is the largest player left standing in the crypto space. It was a quiet headline, but Coinbase moved all their banking needs to SBNY.
SBNY now has the potential to dominate in the ashes of SVB. They lack the same exposure as SVB, and are not prone to a run on the bank. They released solid deposit numbers and considering major companies are switching to SBNY it seems they have confidence in its stability.
SBNY shares are dirt cheap due to the residual effects of SVBs collapse. They also pay a fat 4% dividend which is a cherry on top. This appears to be a major buying opportunity. Once the fear clears, SBNY will in an even better position long term than it was before SVB’s failure.
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