Statement on Silvergate

Subsequent to Silvergate Capital Corporation’s recent announcement that it was not able to timely file its Annual Report on Form 10-K and would be shutting down the SEN network, B1 has exited our Silvergate equity position. Our portfolio company Bullish has no exposure to Silvergate.

While we are disappointed with this outcome, we remain unwavering that banks and other financial institutions embracing the digital asset and cryptocurrency sectors are well-positioned to use technology to advance the capabilities of both the traditional financial services and the new burgeoning digital asset economy to better serve the needs of the public.