Anna Nikolayevsky Is Selling Off Roblox and These 4 Stocks

2. Silvergate Capital Corporation (NYSE:SI)

Former Value of Axel Capital Management‘s 13F Position: $11.18 million

Number of Hedge Fund Shareholders (as of March 31): 35

Silvergate Capital Corporation (NYSE:SI) is another crypto-related stock that Anna Nikolayevsky unloaded during Q1, though one on a much different trajectory than Coinbase. The hedge fund manager made a huge investment in the crypto bank during Q4, raising her stake in the company by 655% to make it her third-largest position. However, she unloaded the entire stake during Q1.

Like Coinbase, Silvergate Capital Corporation (NYSE:SI) experienced a significant decline in cryptocurrency trading volumes during Q1, which fell by 60% from a year earlier. Unlike Coinbase, Silvergate Capital’s other services were able to more than offset the weakness in its crypto trading volumes.

Most notably, Silvergate Capital Corporation (NYSE:SI)’s loan product, SEN Leverage, nearly doubled in its commitments to $1.07 billion during the quarter, a greater than 400% increase year-over-year. Thanks to the majority of its loans having floating interest rates, the company’s net interest income also benefited greatly from rising rates, growing by 84% year-over-year to $50.5 million.