Brendan Blumer — a creator of smart contract platform EOS and one of the richest people in crypto — just single-handedly became the largest shareholder in crypto-friendly bank Silvergate Capital.

A recent SEC filing reveals that BLumer acquired a 9.3% stake in Silvergate Capital, becoming its largest shareholder. His stake move follows the 7.5% stake acquired by EOS development entity Block.One — meaning that he and an entity related to him jointly now control nearly 17% of the bank.

Block.One described Silvergate Capital as a company with a “proven track record of maintaining a liquid and conservative balance sheet investment portfolio” in a recent press release. The entity also highlighted that it believes the bank to be an unvervalued investment opportunity. The announcement reads:

“We believe Silvergate’s current equity prices do not accurately reflect their strong balance sheet, their strategic positioning, or their market-defiant growth trajectory, and therefore offers a unique investment opportunity. We are excited to be a new passive shareholder.”

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