New York (CNN) Roku held about $487 million of its $1.9 billion in cash at Silicon Valley Bank, which collapsed on Friday and was acquired by the Federal Deposit Insurance Corporation, the streaming tech company detailed in an SEC filing was announced.
That’s about 26% of the company’s cash and cash equivalents, Roku (ROKU) said, adding that most of its deposits at the bank are uninsured.
“The company’s deposits with SVB are largely uninsured,” Roku said. “At this point in time, the company does not know the extent to which the company can recover its cash deposits with the SVB.”
However, Roku said it has sufficient existing cash and cash flow from operations to support “its working capital, capital expenditures and material cash needs from known contractual obligations for the next 12 months and beyond.”
The SVB collapsed on Friday morning after a staggering 48 hours in which a bank run and capital crisis resulted in the second largest financial institution collapse in US history.
California regulators shut down the tech lender and placed it under FDIC control.
The FDIC acts as the receiver, which usually means liquidating the bank’s assets to repay its customers, including depositors and creditors.
Other companies face consequences
Roblox also said in a filing that 5% of its $3 billion in cash was held at SVB. The video game company said the collapse will not affect its day-to-day operations.
Crypto lender BlockFi, which filed for bankruptcy in November, announced in a bankruptcy filing on Friday that it holds $227 million in SVB. BlockFi said in November it halted withdrawals after facing “significant exposure” to Sam Bankman-Fried’s FTX exchange, as well as its sister hedge fund Alameda.
BlockFi’s money in the SVB isn’t FDIC-insured because it was in a money-market mutual fund, the company learned from its bankruptcy trustee earlier this week.
And aerospace manufacturer Rocket Lab kept nearly 8%, or about $38 million, of its total cash with the collapsed bank, according to a filing Friday.