But SVB was solvent and basically fine long-term. If VCs hadn't panicked at herd-mentality stampeded $40,000,000,000 out of the bank in a day, forcing it to sell 10 year treasuries at depressed market rates, it would have been fine.

SVB isn't like the 2008 banks that held mortgage-backed securities that turned out to be full of people who lied about their income and assets and would never get repaid. SVB had treasuries that absolutely would have been repaid.

SVB was trying to do an equity raise to solve their short-term liquidity issues. If they'd done so quietly, and gotten money from a big institution before going public, they'd probably have been fine. Instead, the public equity raise spooked people, caused a bank run, and made their liquidity go from "risky" to broken.