I think that's what is happening (seeing some stuff on twitter but who knows how accurate it is) along with them looking to raise more money via equity issuance / other means. 

thanks for clearing that up, have they begun liquidating yet? 

TheBTCManual

They have enough when they sell their bonds for 60 cents on the dollar to cover shortfall and incur billion dollars of realized losses

HardMoney

bitcoin

Founders Fund, Other VCs Advise Companies To Pull Cash From SVB

lpop4254

I thought SVB said they had enough to cover all depositers lol, clearly someone knows something the public doesn't and the bank run is on. 