Streaming device maker Roku said Friday it has about $487 million, or 26% of its cash and cash equivalents, on deposit with SVB Financial Group, which has been shut down by California banking regulators.
Roku also said in a regulatory filing that its deposits with SVB were largely uninsured, sending its shares down 10% in extended trading.
SVB was shut down by banking regulators on Friday to try to protect depositors after a dive in the value of its investment holdings and a rush 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 later Monday.
The shutdown sent shockwaves through the startup community as the bank has been central to the formation of many early-stage companies.
Online gaming firm Roblox also said it has about $150 million in deposits with SVB.
