Shares in
Silvergate Capital
lost almost half their value on Thursday after the cryptocurrency-focused bank revealed an enormous loss resulting from a struggle to raise cash as deposits plunged in the fourth quarter.
Silvergate (ticker: SI) stock lost 43% on Thursday, reversing a 27% pop notched on Wednesday amid a wide rally in beaten-down crypto stocks. Shares in the group, which has positioned itself as a key banker for the digital asset industry and was once a darling of Wall Street, are down 91% over the past year.
Source: https://www.barrons.com/articles/silvergate-stock-crypto-bank-deposits-51672920454?siteid=yhoof2&yptr=yahoo