Signature Bank: play on crypto growth

Signature is a leading bank for the crypto economy providing exposure to blockchain technology. Signature had historically been a NY focused commercial bank. Change started in 2018 and really got going in 2020 as the crypto business took off.

• We see potential for large EPS upside and multiple expansion.

• Crypto lending is a very large opportunity and is the critical bet. We are ~30% ahead of the street on EPS in the out years in our upside scenario.

• Not much downside if Signature's crypto business does not execute.

Potential Upside: $421 (+66%)

Sensible Downside: $202 (-20%)

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