They don’t have enough treasuries to cover deposits even if they could liquidate them for par value. They’re also holding a bunch of startup loans which I doubt are going to fetch the valuation they assigned to them on their balance sheet, otherwise they would’ve been acquired whole by one of the big banks. Nobody put in a bid for the whole book of business, there must be a good reason for that. Not wanting to assume the credit risk of SVBs loan portfolio is a reasonable guess.