With the demise of Silvergate Bank, investors should turn their attention to New York-based Signature Bank ( SBNY ), which has a big opportunity to pick up business from the crypto market, according to Wells Fargo. Late Wednesday, Silvergate Capital said it would shut down Silvergate Bank, which had become the go-to bank for crypto businesses in the past few years as larger banks steered clear. Businesses still have Signature Bank, however. "Signature [is the] last game in crypto-town," said Wells Fargo equity analyst Jared Shaw, adding, "It's the only larger bank remaining with a functional on-ramp for institutional crypto investors. While SBNY has self-limited their exposure to the space, this could provide some incremental pricing power." SBNY 1Y mountain Signature Bank over past year "Additionally, SBNY could use this as a catalyst to move away from in-kind deposits for service to a fee-for-service model, which may be more regulatory and capital friendly," he added. Wells Fargo has an overweight rating on Signature with a $185 price target, implying almost 95% upside from where shares traded Thursday afternoon. Some investors have been quick to point out that Silvergate's openness to banking crypto companies isn't at fault for its financial troubles. Wells Fargo echoed that sentiment in the note, defending Signature's model as "more diversified," which it said has helped it offset crypto-related liquidity pressures from the past year's decline in crypto values, the so-called "crypto winter." "The challenge for SI was being a mono-line provider to crypto," Shaw said. Meanwhile, "at year-end, SBNY self-limited exposure to crypto to 15% of deposits, which will help to reduce volatility in liquidity like we saw in '22."