Signature Bank stock drops sharply after Silvergate announces winddown

Signature Bank
SBNY,
-1.47%
stock is down 11% in premarket trades as carnage from the announced wind-down of digital currency financial services company Silvergate Capital Corp.
SI,
-5.76%
impacted the company. The drop comes despite moves by Signature Bank to wind down its exposure to crypto amid healthy despots at the company. As a component of the S&P 500, Signature Bank has a relatively diversified banking business but it also holds digital asset deposits. It’s been working to wind down that business in light of troubles in the crypto world overall. Meanwhile, Silvergate Capital continues its free-fall with its stock down 47% after it said it would wind down operations.