Block.One, founder buy a large stake in Silvergate

• The combined stake appears to put Block.One ahead of Vanguard as the largest shareholder.

Details: Block.One in the beneficial owner of 2.36 million shares, or a 7.5% stake, while Blumer himself has ownership of the remaining 571,351 shares in the stake.

Flashback: Block.One facilitated what was thought to have been the largest initial coin offering of the 2017-18 era, for EOS, and the firm has been one of the largest bitcoin holders in the world.

• Block.One subsequently created a subsidiary exchange called Bullish.

Of note: Blumer and Block.One filed the disclosure as a passive investor, consistent for a shareholder that has no activist intentions.

What they're saying: ""We appreciate their investment in Silvergate. Beyond that, as a matter of company policy, we do not comment on specific interactions with current or potential investors," a spokesperson from Edelman Smithfield told Axios on behalf of Silvergate.

Block.one was not immediately available for comment.

Editor's note: This is a developing story. Please check back for updates.