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🧵1/Ω
Let's talk about Metropolitan Community Bank (@MCBankNY, $MCB) one of the remaining publicly traded "crypto-friendly banks. Because the SEC filings look a lot like a mini-me version of our friend $SBNY.
Cash position down 90% YoY 👇
Let's talk about Metropolitan Community Bank (@MCBankNY, $MCB) one of the remaining publicly traded "crypto-friendly banks. Because the SEC filings look a lot like a mini-me version of our friend $SBNY.
Cash position down 90% YoY 👇
🧵2/Ω
$MCB has $2.2 billion - 42%! - in uninsured, non-interest bearing accounts.
In other words someone is willing to set $132 million a year on 🔥 because of inflation just to hold money in $MCB.
Why?
(note that $SIVB and $SBNY also had large non-interest bearing accounts)
$MCB has $2.2 billion - 42%! - in uninsured, non-interest bearing accounts.
In other words someone is willing to set $132 million a year on 🔥 because of inflation just to hold money in $MCB.
Why?
(note that $SIVB and $SBNY also had large non-interest bearing accounts)
🧵3/Ω
$MCB also of course has large unrecognized losses due to the "duration mismatch" problem that rekt $SI and $SIVB ¹.
¹ though other things rekt $SIVB even more...
$MCB also of course has large unrecognized losses due to the "duration mismatch" problem that rekt $SI and $SIVB ¹.
¹ though other things rekt $SIVB even more...
