The Ark Fintech Innovation ETF (ARKF) of Cathie Wood's asset management company Ark Invest sold about 404,000 Silvergate shares, and the remaining Silvergate shares held accounted for only 0.01% of the fund's total portfolio. Previously, the Wall Street Journal reported that crypto-friendly bank Silvergate had processed an $8.1 billion run on withdrawals following the FTX crash. Separately, JPMorgan Chase downgraded its rating on crypto-friendly bank Silvergate to Neutral from Overweight and lowered its price target from $30 to $14.