Streaming company Roku (ROKU), disclosed on Friday that it has 26% of its total cash and cash equivalents at Silicon Valley Bank which was shut down by the FDIC.
Roku said it had $487 million of cash out of a total of s $1.9 billion in uninsured deposits at SVB which was placed into federal receivership on Friday, according to a SEC filing.
DON'T MISS: Silicon Valley Bank Collapse: Large Account Holders Are Unsecured Depositors
The FDIC only insures up to $250,000 of deposits. Additional deposits are considered uninsured.
Shares of Roku fell by 3.65% in electronic trading.
Roku said it was unknown how much of its cash would be accessible.
“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 company said in a statement.
The company said that since it has another $1.4 billion in cash reserves "across multiple large financial institutions," Roku's "existing cash and cash equivalents balance and cash flow from operations will be sufficient to meet its working capital, capital expenditures, and material cash requirements from known contractual obligations for the next twelve months and beyond."
Other companies either disclosed they had no or little exposure to SVB either in deposits or loans made at the bank.
Lender SoFi (SOFI) said in a tweet that it has no money deposited at SVB and its only exposure was a small loan.
"We have no assets with SVB. Our only exposure is a very small lending facility that is provided to us for less than $40m which is unaffected by the FDIC’s receivership of Silicon Valley Bank. Your money is safe with SoFi," the company tweeted.
Space company Rocket Lab USA (RKLB) said in a SEC filing that it had $38 million in cash or 7.9% of its cash as of Dec. 31 with SVB. The company made no other comments in the filing and did not address where the remainder of its cash was being held. Shares of Rocket Lab fell 2.3% in after hours trading.
Roblox (RBLX), a gaming platform company, said only 5% of its $3 billion cash and securities balance as of Feb. 28 were deposited with SVB.
Video platform company Vimeo (VMEO) said its account balance was under the $250,000 threshold.
"Therefore, the Company believes it does not have exposure to any liquidity concern at SVB," the company said in a filing. "The Company has a well structured and diverse set of banking partners with no bank holding over 25% of its total cash."
Sports streaming company Fubo (FUBO) said it "does not hold any deposits at SVB or have any other direct investments at SVB."
Startup companies that had Silicon Valley Bank accounts with more than the $250,000 maximum insured by the FDIC have become unsecured creditors, banking experts said.
The majority of account holders at SVB, which on Friday was shut down by regulators and taken over by the FDIC, had balances that exceed $250,000, Gary Zimmerman, chief executive of MaxMyInterest, the New York financial-technology company, told TheStreet.
The FDIC said on Friday it would take over Silicon Valley Bank (SIVB) and created the Deposit Insurance National Bank of Santa Clara.
Whether companies will receive 100% of their account balances or only a percentage remains unknown, said Anthony Chan, former economist for J.P. Morgan Chase, told TheStreet.
"It does not mean people above that $250,000 level will lose all their money," he said. "It is not a clear destruction of all deposits."
Shares of SVB Financial were halted by officials on the Nasdaq Friday following a liquidity crunch that triggered an emergency capital increase and raised concern about the value of billions in Treasury bonds held in bank portfolios around the country.
The bank lost $1.8 billion in part by losses in a $21 billion Treasury bond portfolio.
