Roku held nearly $500 million in Silicon Valley Bank and doesn’t know if it will get the funds back

New York (CNN) Roku kept about $487 million of its $1.9 billion in cash at Silicon Valley Bank, which collapsed Friday and was acquired by the Federal Deposit Insurance Corporation, the streaming technology company revealed in an SEC filing.

That’s about 26% of the company’s cash and cash equivalents, Year (YEAR) said, adding that most of his deposits with the bank are uninsured.

“The company’s deposits with SVB are largely uninsured,” Roku said. “At the moment, the company does not yet know to what extent the company will be able to recover its money on deposit with SVB.”

However, Roku said it has sufficient existing cash and cash flow from operations to “meet its working capital, capital expenditures and material cash needs of known contractual obligations for the next 12 months and beyond.”

SVB collapsed Friday morning after a stunning 48 hours in which a bank run and capital crunch led to the second largest financial institution failure in US history.

California regulators shut down the technology lender and placed it under the control of the FDIC.

The FDIC acts as a receiver, which usually means it will liquidate the bank’s assets to repay its customers, including depositors and creditors.

Other companies are experiencing outages

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.

Crytpo lender BlockFi, which filed for bankruptcy in November, announced Friday that it had $227 million with SVB in a bankruptcy filing. BlockFi said in November it had 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 SVB is not FDIC-insured because it was in a money market fund, the company learned from its trustee early this week.

And aerospace manufacturer Rocket Lab kept nearly 8%, or about $38 million, of its total cash at the collapsed bank, it said in a Friday filing.






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