The crypto banking problem still remains as the cryptoverse now tries to find a new services company to help make payments and other deposit-related services.Bitcoin is lower and getting very close to the February lows. After the close, Silvergate Capital announced their intent to wind down operations and voluntarily liquidate the Bank in an orderly manner and in accordance with applicable regulatory processes. "The fight for survival did not last long for Silvergate Capital. (Image credit: YCharts) What Wall Street is saying about Silvergate
Short sellers profit when the price of a stock drops. More than 60% of the firm's shares outstanding were sold short as of the end of February. If anyone welcomed the collapse of SI, it was short sellers. For the year-to-date, Silvergate stock is down more than 96%.
By late 2022, SI shares had plummeted below the $20 mark, and the stock was last seen trading in single-digit territory. Additionally, Q3 earnings per share rose 45% to $1.28.īut the company couldn't escape the chaos enveloping the industry over the past few months, including a broad selloff in digital assets amid concerns around the collapse of crypto exchange FTX. In its quarterly report, the company said digital asset customers were up more than 28% year-over-year to 1,677. In early 2022, it bought Diem Association, a cryptocurrency platform formerly known as Libra that was initially backed by Facebook parent Meta Platforms ( META (opens in new tab)).Īlthough those stablecoin efforts never got off the ground, Silvergate Bank was still showing growth in the third quarter of 2022. At one point Silvergate explored plans to launch its own stablecoin.
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