San Diego-based Silvergate Capital, one of the few financial institutions to work with cryptocurrency companies, saw its non-interest-bearing deposits decrease quarter-over-quarter even as it continued to add new customers.

San Diego-based Silvergate Capital, one of the few financial institutions to work with cryptocurrency companies, saw its non-interest-bearing deposits decrease quarter-over-quarter even as it continued to add new customers.

Nearly a year after La Jolla-based bank Silvergate Capital filed its IPO paperwork, the company is offering more than 4.3 million shares in its public debut. The crypto-friendly bank will offer 770,000 shares of its Class A common stock, and shareholders will sell 2.97 million shares of Class A stock, according to a preliminary prospectus filed on Oct. 28. In addition, underwriters will be able to purchase an additional 561,645 shares from the selling shareholders at the IPO price.

Silvergate expects an IPO price of $13 to $15 per share, which roughly equates to a total of between $55.9 million and $64.5 million for the offering.

That’s a bit more than what Silvergate expected when it filed initial paperwork last November, setting a $50 million price target. The company’s stock will be listed on the New York Stock Exchange as “SI.”

Of course, it’s worth noting that Silvergate won’t receive any proceeds from stock sold by existing shareholders. Two of Silvergate’s directors will sell stock in the offering, and the company indicated that certain management “have indicated an interest” in purchasing stock in the IPO.

In the meantime, no stock can be sold until the Securities and Exchange Commission (SEC) gives Silvergate the green light. The company said it had filed a registration statement with the SEC, but it has not yet become effective.

Silvergate has experienced significant growth since it first began working with cryptocurrency companies, which have few options for banking. As of Sept. 30, Silvergate Bank had 756 digital currency customers, and $1.8 billion in deposits. The majority — 75 percent — of those deposits were noninterest bearing.

Silvergate also reported a net income of $21.2 million for the nine months ending on Sept. 30, a 48.5 percent increase compared to last year. That included the bank’s sale of its San Marcos branch, which it sold earlier this year to focus more on cryptocurrency and specialty lending.

Silvergate said it would use the proceeds from the IPO to fund the company’s organic growth and for “general corporate purposes,” which could include repaying long-term debt or future acquisitions.

Barclays and Keefe, Bruyette & Woods will serve as joint lead book-running managers for the deal.