Streaming device maker Roku said Friday it had about $487 million, or 26% of its money and money equivalents, held in deposits at SVB Financial Group, which has been shut down by California banking regulators.
Roku also said in a regulatory filing that its deposits with the SVB were largely uninsured, causing its shares to fall 10% in prolonged trading.
Banking regulators closed the SVB on Friday to guard depositors after the autumn in the worth of its investments and a wave of withdrawal requests that began just two days ago.
Regulators appointed the Federal Deposit Insurance Corporation as receiver, which said insured depositors would regain access to their deposits no later than Monday.
The closure sent shockwaves through the startup community because the bank was central to the formation of many early-stage corporations.
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Online gaming company Roblox also said it had around $150 million in deposits with SVB.