The Federal Deposit Insurance Corporation (FDIC) has released an unredacted document showing the government has guaranteed the deposits of Silicon Valley Bank’s (SVB) top 10 clients following its highly publicized collapse in March.
The FDIC “mistakenly” released the full version of the document at Bloomberg’s request under the Freedom of Information Act.
The document reveals the names of the rescued companies and their total deposits, which far exceed the FDIC protection limit of $250,000 per account.
Stablecoin issuer Circle was SVB’s largest contributor at $3.3 billion. In March, the Boston-based company announced that $3.3 billion of the $40 billion backing its USD Coin (USDC) stablecoin was initially stuck in the bankrupt bank.
Venture capital giant Sequoia, a company with $85 billion in assets under management, was also on the list with $1.1 billion in deposits.
A total of $4.6 billion was paid out to Silicon Valley Bank and its parent company Silicon Valley Group.
Next is Kanzhun Limited, an online recruitment service provider that had over $902.87 million in deposits with SVB.
The Californian fintech company Bill.com comes in sixth. The payment platform had a total balance at SVB of $761.10 million.
At number seven is Altos Labs, a biotech research company that has over $680.34 million stored at SVB.
Card issuance platform Marqeta also makes the list with more than $634.53 million in deposits.
Streaming device provider Roku had around $420 million in deposits with SVB.
Rounding out the list is IntraFi, a company that provides FDIC-insured deposit solutions for large corporations. According to the document, IntraFi had a total balance of $410.85 million at SVB.
In total, the US government has supported the 10 richest SVB depositors with over US$12.75 billion.
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