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

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 taken over by the Federal Deposit Insurance Corporation, the streaming technology company disclosed in a filing with the SEC.

This represents approximately 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 this time, the company does not know to what extent it will be able to recover its cash on deposit with the SVB.”

However, Roku said it has sufficient liquidity and operating cash flow to “meet significant working capital, capital expenditures and cash requirements from known contractual obligations for the next twelve months.” months and beyond.

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

California regulators shut down the tech lender and placed it under FDIC scrutiny.

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

Other companies face fallout

Roblox also said in a filing that 5% of its $3 billion in cash was held by SVB. The video game company said the collapse would not affect its day-to-day operations.

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

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

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