These companies were affected by the Silicon Valley Bank crash

(Illustration by Anna Lefkowitz/The Washington Post; iStock)
8 min

An earlier version of this story mistakenly described Axsome Therapeutics as a publicly and privately held company. It is a publicly traded company on the Nasdaq stock index. This article has been corrected.

The collapse on Friday of Silicon Valley Bank — the second-largest bank failure in U.S. history — sent anxiety across the financial system and shook the tech industry.

In an extraordinary intervention to avert a potential crisis in the financial system, the Biden administration announced Sunday night that all depositors would have access to all their money on Monday morning.

Before the 11th-hour crisis maneuvers from Washington, there were concerns about whether companies would be able to get their money back and pay their employees.

The federal government took over the bank after a surprise filing Wednesday night revealed that it had sold $21 billion in assets and was unloading stock to raise money. Here are some of the companies affected by the fall of Silicon Valley Bank, which was known for serving start-ups, tech companies and venture capitalists.

Silicon Valley Bank, lender to some of the biggest names in the tech industry, collapsed on March 10. Regulators moved quickly to avert a meltdown. (Video: Reuters)


The company that has built a brand on low-priced streaming devices said in a filing that it had about $487 million of its $1.9 billion at Silicon Valley Bank, about 26 percent of the firm’s cash as of Friday.

“The Company’s deposits with SVB are largely uninsured,” said the filing, which was signed by Roku Chief Financial Officer Steve Louden. “At this time, the Company does not know to what extent the Company will be able to recover its cash on deposit at SVB.”

The San Jose-based company, which went public in September 2017, said it has enough money and cash flows to “meet its working capital” for at least the next 12 months.

By early trading Monday, Roku’s stock was valued at $59.16, 1.55 cents less than Friday’s close, a decline of about 3 percent.

Even after Silicon Valley Bank's collapse, WaMu's is still the biggest


Payments-technology firm Circle tweeted Friday that $3.3 billion of its $40 billion USD Coin (USDC) cryptocurrency reserves remained at Silicon Valley Bank.

“Like other customers and depositors who relied on SVB for banking services, Circle joins calls for continuity of this important bank in the U.S. economy and will follow guidance provided by state and Federal regulators,” the Boston-based company said in a tweet Friday.

The bank, Circle said in another tweet, is one of six that it uses for managing the 25 percent of its USDC reserves held in cash. The company had about $44.5 billion worth of tokens in circulation in mid-January, according to a reserve report issued by accountants at Deloitte.

“While we await clarity on how the FDIC receivership of SVB will impact its depositors, Circle & USDC continue to operate normally,” said the company, which traded under $1 on Friday.

Silicon Valley Bank’s U.K. arm to be acquired by HSBC for just over $1


Roblox, the California-based online gaming platform with metaverse ambitions, said in a Friday filing with the Securities and Exchange Commission that about 5 percent of its $3 billion of cash as of Feb. 28 was kept at Silicon Valley Bank.

Chief Financial Officer Michael Guthrie said in the filing that no matter the outcome of the bank’s collapse and the timing, “this situation will have no impact on the day to day operations of the Company.”

On Monday morning Roblox stock was valued at $40.92, an increase of 2 percent from Friday.


The online marketplace warned Friday that some deposit payments had been delayed, according to an email from the company that was shared with NBC News. It is unknown how many sellers have been affected by the delays.

Etsy, which focuses on craft supplies and handmade, bespoke and vintage items, has more than 95 million buyers and 7.5 million sellers around the world.

“We recently experienced a delay in issuing payments to some sellers related to the unexpected collapse of Silicon Valley Bank,” a an Etsy spokesperson said in an emailed statement to The Washington Post. “Our teams have been working around the clock to implement a solution, and we expect to pay sellers via our other payment partners within the next several business days.”

Etsy shares were trading at $102.84 on Monday morning, sliding about 3 percent from Friday.


The defunct crypto lender BlockFi has $227 million at Silicon Valley Bank, according to a new bankruptcy filing.

Its trustee warned last week that BlockFi’s funds are not insured because they are in a money market mutual fund, a type of fund that invests in cash and low-risk short-term debt securities.

The New Jersey-based cryptocurrency bank filed for bankruptcy in November after the arrest of Sam Bankman-Fried, the FTX chief executive. Bankman-Fried had pledged to save the crypto lender, which was in financial trouble for months.

Despite his announcement to lend BlockFi up to $400 million, the privately owned company filed in U.S. Bankruptcy Court for the District of New Jersey. The firm also has an international subsidiary in Bermuda that filed for bankruptcy there.

Compass Coffee

An email from CEO Michael Haft obtained by Fox Business said the D.C.-based coffee business’s payroll was “severely impacted” by the collapse of Silicon Valley Bank.

Haft said in the email that the privately held coffee company had learned its payroll “was not processed by the bank as planned.” Employees were expected to receive their payments by Monday at the latest, depending on their bank, the email said.

His company was “working tirelessly” on the issue and “taking every possible step” to avoid a similar situation in the future, Haft said in the email. The company changed providers for the coming week.


The New York-based privately owned toy store took to social media for help just hours after regulators shut down Silicon Valley Bank on Friday.

“Our bank got shut down by regulators, so we’re asking that you RUN, don’t walk to our BANKRUN sale,” the company posted on its social media accounts with a picture of a girl looking solemn and text reading, “When your bank collapses.” The retail company asked customers to purchase items at a 40 percent discount on its online sale.

In an email to customers sent Friday, CNN reported, co-founder Ben Kaufman said: “Unfortunately, we had most of our company’s cash assets at a bank which just collapsed. I’m sure you’ve heard the news.”

Camp did not immediately respond to a message from The Washington Post on Saturday with questions about the company’s assets and whether they remained at the bank at the time of its collapse.

Axsome Therapeutics

Pharmaceutical company Axsome Therapeutics said Friday that it had “material” cash deposits at Silicon Valley Bank and at another bank but that it believed the second bank’s account and an existing loan would be enough for it to keep funding operations.

Darren Opland, a spokesman for the company, added later that the firm held 2 percent of its cash in Silicon Valley Bank.

During early trading Monday, shares of Axsome Therapeutics were valued at $61.49, up more than 5 percent from Friday.


Human resources software company Rippling previously used Silicon Valley Bank to run payroll for its customers. But Rippling has since changed to JPMorgan and Chase, said spokesman Bobby Whithorne. “New payments initiated through Rippling are processed through JPMC and will not be impacted by SVB’s collapse,” he said in an email to The Post.

Rippling said in a series of tweets Sunday night that the intervention by federal authorities was “great news,” sharing a link to the joint statement by the FDIC, the Fed and the Treasury Department announcing that deposits will be fully protected.

Rippling said it would send its customers an email update regarding payments, adding that it would “continue to provide updates throughout the week,” the tweets said.

Before federal officials intervened, Rippling said it was working through the weekend to ensure that employees get paid on time, and called on the FDIC to “release the payroll funds currently stuck at SVB.”

Pharming Group

Global pharmaceutical company Pharming Group said in a government filing Monday that it expects to have full access to its cash deposits at SVB “in light of US Government announcement.”

Pharming did not immediately respond to a request for comment.

Vox Media

Vox Media, which owns Vox, New York magazine, The Verge, and Group Nine media, also banked with SVB, Vox said in its own explainer on the bank’s closure.

“Disclosure: It’s not just the tech industry that banked with SVB. Vox Media, which owns Vox, also banked with SVB before its closure,” read the disclosure.

The bank’s closure should not have a big impact on Vox Media, according to spokeswoman Lauren Starke.

“We don’t anticipate any significant impact, though we have been working through some logistical issues such as the temporary suspension of accounts and company credit cards issued by SVB,” Starke told The Post.


Pinterest, a social media company that offers users a platform for sharing photos and video, has also been impacted by SVB’s collapse, reported The Post.

Pinterest shares started Monday 5 percent lower than Friday, gradually recovering to close the day 2 percent lower.

Pinterest did not immediately respond to a request for comment.