{"id":5466,"date":"2023-03-20T13:24:01","date_gmt":"2023-03-20T16:24:01","guid":{"rendered":"https:\/\/artica.capital\/clairfield-pilulas\/semelhanca-entre-falencia-do-svb-com-colapso-da-ftx\/"},"modified":"2026-09-29T12:05:45","modified_gmt":"2026-09-29T15:05:45","slug":"semelhanca-entre-falencia-do-svb-com-colapso-da-ftx","status":"publish","type":"pilulas","link":"https:\/\/artica.capital\/en\/clairfield-pilulas\/semelhanca-entre-falencia-do-svb-com-colapso-da-ftx\/","title":{"rendered":"Similarities between SVB bankruptcy and FTX collapse"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">Mesmo estando em setores diferentes, a din\u00e2mica do default do Silicon Valley Bank (SVB), e da FTX foram bastante similares. Semelhan\u00e7a a qual gerou debates sobre as novas din\u00e2micas do mercado financeiro, e como a era digital de informa\u00e7\u00f5es r\u00e1pidas, pode impactar esse setor. Confira na p\u00edlula a semelhan\u00e7a entre os dois casos:<\/p>\n\n\n\n<!-- pilula-html v1 -->\n<style>\n.pil{--navy:#2d3a51;--blue:#4f6388;--light:#8599b9;--pale:#e8ebf1;--card:#d3d9e3;--red:#c0272d;--txt:#333;font-family:\"Merriweather Sans\",sans-serif;color:var(--txt);margin-top:40px}\n.pil *{box-sizing:border-box}\n.pil img{max-width:100%;height:auto;display:block}\n.pil-sec{margin:0 0 56px}\n.pil-sec h2{background:var(--navy);color:#fff;font-size:19px;line-height:1.35;font-weight:700;padding:16px 20px;border-radius:0 0 28px 0;margin:0 0 20px;text-wrap:balance}\n.pil-sub{font-size:14px;font-weight:700;color:var(--navy);border-bottom:2px solid var(--navy);padding-bottom:6px;margin:0 0 16px;display:flex;justify-content:space-between;gap:12px;align-items:flex-end}\n.pil-tag{color:var(--red);border-top:2px solid var(--red);border-bottom:2px solid var(--red);font-size:12px;padding:2px 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li{margin-bottom:6px}\n.pil-fact{font-size:14px;line-height:1.5;padding-left:14px;border-left:3px solid var(--light)}\n.pil-fact.dark{border-color:var(--navy)}\n.pil-fact b{color:var(--navy)}\n.pil-fact big{font-size:20px;font-weight:800;color:var(--navy)}\n.pil-hl{color:var(--blue);font-weight:700}\n\/* tabela *\/\n.pil-tw{overflow-x:auto}\n.pil-table{width:100%;border-collapse:collapse;font-size:13px}\n.pil-table th{background:var(--navy);color:#fff;text-align:left;padding:8px 10px;font-weight:700}\n.pil-table td{padding:7px 10px;border-bottom:1px solid #d8dce4;vertical-align:top}\n.pil-table tr:nth-child(even) td{background:#f5f6f9}\n.pil-table .n{text-align:right;font-variant-numeric:tabular-nums;white-space:nowrap}\n\/* linha do tempo *\/\n.pil-time{display:grid;gap:14px;border-left:2px dashed var(--light);padding-left:18px;margin-left:6px}\n.pil-time>div{position:relative;font-size:14px;line-height:1.5}\n.pil-time>div::before{content:\"\";position:absolute;left:-25px;top:5px;width:12px;height:12px;border-radius:50%;background:var(--navy)}\n.pil-time b.y{display:block;color:var(--light);font-size:16px;font-weight:800}\n\/* figuras (recortes do slide) *\/\n.pil-fig{margin:0}\n.pil-fig figcaption{text-align:center;font-weight:800;color:var(--light);font-size:16px;margin-top:4px}\n.pil-brand{background:var(--card);border-radius:14px;overflow:hidden}\n.pil-brand p{margin:0;text-align:center;font-size:20px;font-weight:800;font-style:italic;color:var(--navy);padding:10px 0 12px}\n@media (max-width:700px){\n  .pil-grid2,.pil-grid2.wide-left,.pil-grid2.wide-right{grid-template-columns:1fr}\n  .pil-grid3,.pil-grid4,.pil-grid5{grid-template-columns:1fr 1fr}\n  .pil-sec h2{font-size:17px}\n  .pil-bars{height:180px}\n  .pil-bars>div>span{font-size:10px}\n  .pil-years{font-size:9px}\n}\n@media (max-width:480px){\n  .pil-bars{gap:1.2%}\n  .pil-years{gap:1.2%;font-size:8px}\n  .pil-bars>div>span{font-size:8px;letter-spacing:-.3px}\n  .pil-bars:has(>div:nth-child(13))>div>span{writing-mode:vertical-rl;transform:translateX(-50%) rotate(180deg);top:auto;bottom:100%;padding-bottom:2px}\n  .pil-years:has(>span:nth-child(13)) span{writing-mode:vertical-rl;transform:rotate(180deg);margin:0 auto}\n}\n<\/style>\n<div class=\"pil\">\n\n<section class=\"pil-sec\">\n  <h2>O case do SVB<\/h2>\n  <div class=\"pil-grid2\">\n    <div>\n      <div class=\"pil-sub\">O case<\/div>\n      <p class=\"pil-p\">Apesar de ter passado por diversas crises ec\u00f4nomicas (crise financeira de 2008, estouro da bolha da internet dos anos 2000, COVID), o SVB n\u00e3o resisitiu a subida abrupta dos juros, e sofreu <i>bankruptcy<\/i>:<\/p>\n      <div class=\"pil-card tint\">\n        <p class=\"pil-p\" style=\"text-align:right;color:var(--navy);margin:0 0 8px\"><b>3 dias<\/b><\/p>\n        <div class=\"pil-time\">\n          <div><b class=\"y\">1<\/b>Empresa perde USD 1,8 Bi devido a sua carteira de cr\u00e9dito, e anuncia plano de levanatr USD 2,25 Bi em a\u00e7\u00f5es para sanar perda<\/div>\n          <div><b class=\"y\">2<\/b>Um dia depois, as a\u00e7\u00f5es do banco caem 60%, e ocorre USD 42 Bi em resgaste de contas<\/div>\n          <div><b class=\"y\">3<\/b>Ap\u00f3s resgate, ag\u00eancia reguladora americana fecha o banco, para proteger os correntistas remanecentes<\/div>\n        <\/div>\n      <\/div>\n      <div class=\"pil-note solid\" style=\"display:block\">\n        <p class=\"pil-p\" style=\"color:var(--navy)\"><b>Distribui\u00e7\u00e3o da carteira de cr\u00e9dito da SVB (empresas impactadas pelo <i>default<\/i> do banco)<\/b><\/p>\n        <div class=\"pil-hbars\" role=\"img\" aria-label=\"Distribui\u00e7\u00e3o da carteira de cr\u00e9dito da SVB: EUA 86%; \u00c1sia 9%; Europa 5%\">\n          <div class=\"r\"><b>EUA<\/b><div class=\"bar\"><i style=\"width:86%\"><\/i><\/div><em>86%<\/em><\/div>\n          <div class=\"r\"><b>\u00c1sia<\/b><div class=\"bar\"><i style=\"width:9%;background:#b9b9b9\"><\/i><\/div><em>9%<\/em><\/div>\n          <div class=\"r\"><b>Europa<\/b><div class=\"bar\"><i style=\"width:5%;background:var(--card)\"><\/i><\/div><em>5%<\/em><\/div>\n        <\/div>\n      <\/div>\n    <\/div>\n    <div>\n      <div class=\"pil-sub\">Semelhan\u00e7a do caso com a FTX<\/div>\n      <p class=\"pil-p\">O processo de <i>default<\/i> do SBV foi abrupto, demorando apenas 3 dias, apesar do tamanho do banco &#8211; d\u00e9cimo sexto maior banco dos EUA em termos de ativos sob gest\u00e3o em 2022.<\/p>\n      <p class=\"pil-p\">A rapidez desse processo se assemelhou muito com o que foi presenciado com a FTX:<\/p>\n      <ul class=\"pil-list\">\n        <li>Assim como o SBV, o colapso da FTX, ocorreu muito r\u00e1pido: 9 dias<\/li>\n        <li>Al\u00e9m disso, assim como o SBV, no caso da FTX, ocorreu tamb\u00e9m um evento <i>trigger<\/i> (rumores sobre a insolv\u00eancia da empresa) que desencadeou um saque em massa dos usu\u00e1rios dos seus proventos<\/li>\n        <li>Na \u00e9poca, o mercado acreditava que a rapidez do <i>default<\/i> da FTX jamais aconteceria no mercado financeiro \u201ctradicional\u201c.<\/li>\n        <li>No entanto, a fal\u00eancia do SBV, mostrou sim que era poss\u00edvel, e trouxe a alerta como o mundo digital e a r\u00e1pidez atual de dissemina\u00e7\u00e3o de informa\u00e7\u00e3o, podem impactar o mercado financeiro e suas estruturas<\/li>\n      <\/ul>\n    <\/div>\n  <\/div>\n  <div class=\"pil-src\">Fonte: Bloomberg; RI da Empresa, Yahoo, An\u00e1lise \u00c1rtica<\/div>\n<\/section>\n\n<section class=\"pil-sec\">\n  <h2>Overview do SVB<\/h2>\n  <div class=\"pil-sub\">O banco<\/div>\n  <p class=\"pil-p\">O Silicon Valley Bank \u00e9 um banco tradicional americano, fundado em 1983 que tem como caracter\u00edstica principal financiar startups e fundos de venture capital.<\/p>\n  <div class=\"pil-grid2\">\n    <div>\n      <p class=\"pil-p\" style=\"color:var(--navy)\"><b>Principais segmentos de atua\u00e7\u00e3o:<\/b><\/p>\n      <div class=\"pil-grid4\" style=\"text-align:center;font-size:13px;line-height:1.4\">\n        <div><img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/5466-seg1.png\" alt=\"\u00cdcone de cifr\u00e3o com setas circulares\" loading=\"lazy\" style=\"max-width:52px;margin:0 auto 6px\">Private Equity &amp; Venture Capital<\/div>\n        <div><img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/5466-seg2.png\" alt=\"\u00cdcone de gota com seta de crescimento\" loading=\"lazy\" style=\"max-width:52px;margin:0 auto 6px\">Climate Tech<\/div>\n        <div><img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/5466-seg3.png\" alt=\"\u00cdcone de celular com banco\" loading=\"lazy\" style=\"max-width:52px;margin:0 auto 6px\">Fintech<\/div>\n        <div><img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/5466-seg4.png\" alt=\"\u00cdcone de chip\" loading=\"lazy\" style=\"max-width:52px;margin:0 auto 6px\">Hardware &amp; Frontier Tech<\/div>\n        <div><img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/5466-seg5.png\" alt=\"\u00cdcone de frasco de laborat\u00f3rio\" loading=\"lazy\" style=\"max-width:52px;margin:0 auto 6px\">Life Science &amp; Healthcare<\/div>\n        <div><img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/5466-seg6.png\" alt=\"\u00cdcone de nuvem com seta\" loading=\"lazy\" style=\"max-width:52px;margin:0 auto 6px\">Consumer Internet<\/div>\n        <div><img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/5466-seg7.png\" alt=\"\u00cdcone de nuvem conectada\" loading=\"lazy\" style=\"max-width:52px;margin:0 auto 6px\">Enterprise Software<\/div>\n        <div><img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/5466-seg8.png\" alt=\"\u00cdcone de cacho de uvas\" loading=\"lazy\" style=\"max-width:52px;margin:0 auto 6px\">Premium Wine<\/div>\n      <\/div>\n      <div class=\"pil-note\"><span>Em 2022, 44% dos IPO\u2018s de empresas americanas financiadas por venture capital nos setores tech e de sa\u00fade foram financiadas pelo SVB<\/span><\/div>\n    <\/div>\n    <div>\n      <p class=\"pil-p\" style=\"color:var(--navy)\"><b>Principais n\u00fameros:<\/b><\/p>\n      <div class=\"pil-sub\" style=\"font-weight:400\">Lucro L\u00edquido <span class=\"pil-unit\">USD MM<\/span><\/div>\n      <div class=\"pil-bars\" style=\"height:150px\" role=\"img\" aria-label=\"Lucro l\u00edquido do SVB, em USD milh\u00f5es: 2018 974; 2019 1,137; 2020 1,208; 2021 1,833; 2022 1,672\">\n        <div class=\"cur\" style=\"height:53.1%\"><span>974<\/span><\/div>\n        <div class=\"cur\" style=\"height:62%\"><span>1,137<\/span><\/div>\n        <div class=\"cur\" style=\"height:65.9%\"><span>1,208<\/span><\/div>\n        <div class=\"cur\" style=\"height:100%\"><span>1,833<\/span><\/div>\n        <div class=\"cur\" style=\"height:91.2%\"><span>1,672<\/span><\/div>\n      <\/div>\n      <div class=\"pil-years\"><span>2018<\/span><span>2019<\/span><span>2020<\/span><span>2021<\/span><span>2022<\/span><\/div>\n      <div class=\"pil-sub\" style=\"font-weight:400;margin-top:20px\">Patrim\u00f4nio L\u00edquido <span class=\"pil-unit\">USD MM<\/span><\/div>\n      <div class=\"pil-bars\" style=\"height:150px\" role=\"img\" aria-label=\"Patrim\u00f4nio l\u00edquido do SVB, em USD milh\u00f5es: 2018 5,265; 2019 6,621; 2020 8,433; 2021 16,609; 2022 16,295\">\n        <div class=\"cur\" style=\"height:31.7%\"><span>5,265<\/span><\/div>\n        <div class=\"cur\" style=\"height:39.9%\"><span>6,621<\/span><\/div>\n        <div class=\"cur\" style=\"height:50.8%\"><span>8,433<\/span><\/div>\n        <div class=\"cur\" style=\"height:100%\"><span>16,609<\/span><\/div>\n        <div class=\"cur\" style=\"height:98.1%\"><span>16,295<\/span><\/div>\n      <\/div>\n      <div class=\"pil-years\"><span>2018<\/span><span>2019<\/span><span>2020<\/span><span>2021<\/span><span>2022<\/span><\/div>\n    <\/div>\n  <\/div>\n  <div class=\"pil-src\">Fonte: CIQ; RI da Empresa, An\u00e1lise \u00c1rtica<\/div>\n<\/section>\n\n<section class=\"pil-sec\">\n  <h2>Overview da FTX<\/h2>\n  <div class=\"pil-sub\">A FTX<\/div>\n  <p class=\"pil-p\">A FTX era uma das maiores <i>trading exchanges<\/i> de cripto do mundo, com quase 10% do market-share global do setor em janeiro de 2022<\/p>\n  <div class=\"pil-grid2\">\n    <div>\n      <p class=\"pil-p\" style=\"color:var(--navy)\"><b>Principais n\u00fameros:<\/b><\/p>\n      <div style=\"display:grid;gap:10px\">\n        <div class=\"pil-fact dark\"><u>\u00daltima rodada de investimento:<\/u> USD 1,8 Bi (Janeiro, 2022)<\/div>\n        <div class=\"pil-fact\"><u><i>Valuation<\/i> impl\u00edcito:<\/u> USD 32,0 Bi (Janeiro, 2022)<\/div>\n        <div class=\"pil-fact\"><u>Receita:<\/u> USD 1,0 Bi (2021)<\/div>\n        <div class=\"pil-fact\"><u>Base de usu\u00e1rios:<\/u> 3,1 milh\u00f5es (2021)<\/div>\n      <\/div>\n    <\/div>\n    <div>\n      <p class=\"pil-p\" style=\"color:var(--navy)\"><b>Principais investidores:<\/b><\/p>\n      <div class=\"pil-grid2\" style=\"gap:16px;align-items:start\">\n        <img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/5466-investidores.png\" alt=\"Logos da SoftBank, Temasek e Sequoia\" loading=\"lazy\" style=\"max-width:150px\">\n        <div>\n          <p class=\"pil-p\">Al\u00e9m de grandes fundos americanos, celebridades investiram na FTX, destacando:<\/p>\n          <img decoding=\"async\" src=\"https:\/\/artica.capital\/wp-content\/uploads\/2026\/09\/5466-celebridades.jpg\" alt=\"Fotos de Tom Brady, Gisele Bundchen e Stephen Curry\" loading=\"lazy\">\n          <div class=\"pil-years\" style=\"font-size:13px;padding:6px 0 0\"><span>Tom Brady<\/span><span>Gisele Bundchen<\/span><span>Stephen Curry<\/span><\/div>\n        <\/div>\n      <\/div>\n    <\/div>\n  <\/div>\n  <div class=\"pil-sub\" style=\"margin-top:28px\">Queda do market-share global da FTX<\/div>\n  <div class=\"pil-bars\" style=\"height:160px\" role=\"img\" aria-label=\"Market-share global da FTX em 2022: jan 10.0%; fev 10.0%; mar 9.0%; abr 9.0%; mai 9.0%; jun 8.0%; jul 8.0%; ago 8.0%; set 8.0%; out 8.0%; nov 4.0% (declara\u00e7\u00e3o de fal\u00eancia); dez 0.0%\">\n    <div class=\"cur\" style=\"height:100%\"><span>10.0%<\/span><\/div>\n    <div class=\"cur\" style=\"height:100%\"><span>10.0%<\/span><\/div>\n    <div class=\"cur\" style=\"height:90%\"><span>9.0%<\/span><\/div>\n    <div class=\"cur\" style=\"height:90%\"><span>9.0%<\/span><\/div>\n    <div class=\"cur\" style=\"height:90%\"><span>9.0%<\/span><\/div>\n    <div class=\"cur\" style=\"height:80%\"><span>8.0%<\/span><\/div>\n    <div class=\"cur\" style=\"height:80%\"><span>8.0%<\/span><\/div>\n    <div class=\"cur\" style=\"height:80%\"><span>8.0%<\/span><\/div>\n    <div class=\"cur\" style=\"height:80%\"><span>8.0%<\/span><\/div>\n    <div class=\"cur\" style=\"height:80%\"><span>8.0%<\/span><\/div>\n    <div class=\"cur\" style=\"height:40%\"><span>4.0%<\/span><\/div>\n    <div class=\"cur\" style=\"height:0;min-height:0\"><span>0.0%<\/span><\/div>\n  <\/div>\n  <div class=\"pil-years\"><span>Jan.-22<\/span><span>Febr.-22<\/span><span>M\u00e4rz-22<\/span><span>Apr.-22<\/span><span>Mai-22<\/span><span>Juni-22<\/span><span>Juli-22<\/span><span>Aug.-22<\/span><span>Sept.-22<\/span><span>Okt.-22<\/span><span><b>Nov.-22<\/b><\/span><span>Dez.-22<\/span><\/div>\n  <p class=\"pil-p\" style=\"text-align:right;font-size:12px;color:var(--navy);margin-top:6px\"><b>Nov.-22:<\/b> Declara\u00e7\u00e3o de fal\u00eancia<\/p>\n  <div class=\"pil-src\">Fonte: Forbes; Token Insight, An\u00e1lise \u00c1rtica<\/div>\n<\/section>\n\n<\/div>\n\n","protected":false},"excerpt":{"rendered":"<p>Mesmo estando em setores diferentes, a din\u00e2mica do default do Silicon Valley Bank (SVB), e da FTX foram bastante similares. Semelhan\u00e7a a qual gerou debates sobre as novas din\u00e2micas do mercado financeiro, e como a era digital de informa\u00e7\u00f5es r\u00e1pidas, pode impactar esse setor. <\/p>","protected":false},"author":1,"featured_media":5462,"template":"","meta":[],"class_list":["post-5466","pilulas","type-pilulas","status-publish","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/artica.capital\/en\/wp-json\/wp\/v2\/pilulas\/5466","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/artica.capital\/en\/wp-json\/wp\/v2\/pilulas"}],"about":[{"href":"https:\/\/artica.capital\/en\/wp-json\/wp\/v2\/types\/pilulas"}],"author":[{"embeddable":true,"href":"https:\/\/artica.capital\/en\/wp-json\/wp\/v2\/users\/1"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/artica.capital\/en\/wp-json\/wp\/v2\/media\/5462"}],"wp:attachment":[{"href":"https:\/\/artica.capital\/en\/wp-json\/wp\/v2\/media?parent=5466"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}