FDIC auction for SVB assets reportedly underway

An auction for the remaining assets of the failed Silicon Valley Bank is reportedly underway, with final bids expected this afternoon and a result expected late Sunday, according to Bloomberg.

Bloomberg reports that the Federal Deposit Insurance Corp. (FDIC), which stepped in and shut down SVB on Friday amid an unprecedented run on client funds, hopes to complete the auction before markets open Monday morning.

A quick sale could help the FDIC make at least some of SVB customers’ uninsured deposits available to them by Monday. Already, the US agency has said it will make the full insured amounts available in time for next week’s launch.

When contacted, an FDIC spokesperson said they were not commenting on the information.

As a potential resolution looms in the background, other members of the startup ecosystem are racing to find liquidity options for entrepreneurs trying to make payroll next week. More recently, the CEO of Brex Henrique Dubugras said he was working to raise more than $1 billion in one weekend to help fund an emergency bridging line of credit.