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Seeking Alpha 2023-03-13 00:24:11

Coinbase had $240B cash balance at Signature Bank, expects full recovery

After New York state took possession of Signature Bank ( SBNY ) and transferred it to the Federal Deposit Insurance Corp. (FDIC), Coinbase ( NASDAQ: COIN ) on Sunday said it had a cash balance of ~$240B at Signature Bank as of Friday. "As stated by the FDIC, we expect to fully recover these funds," the company said. Earlier on Sunday, the U.S. Treasury Department, FDIC, and Federal Reserve said SBNY's depositors will have access to all their funds with no expenses borne by taxpayers.

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