Silvergate Capital shares rallied despite the firm’s $1 billion fourth-quarter loss as business is intact, KBW analysts said. Shares in the La Jolla-based bank were trading around $15.60 b...
Tag: silvergate
Shock loss! Silvergate reports a massive $1B net loss in the fourth quarter of 2022 – Cryptopolitan
Silvergate Bank, currently involved in a class-action lawsuit regarding its FTX and Alameda Research proceedings, has declared an alarming net loss of $1 billion for common shareholders during the fou...
Silvergate reports $1 billion net loss amid significant outflows
Silvergate Capital Corporation (NYSE:SI) and its wholly-owned crypto-focused subsidiary Silvergate Bank, recorded a more than $1 billion net loss during the fourth quarter of 2022, according to financ...
Silvergate posts $1 billion loss as crypto industry suffers a ‘crisis of confidence’
Crypto-focused bank operator Silvergate reported a more than $1 billion net loss for the fourth quarter as the sector suffered a “crisis of confidence.” Silvergate posted a net loss...
Lawyers to help Silvergate investors with losses
Faruqi & Faruqi securities litigation partner James Wilson has encouraged investors who encountered losses of over $100,000 in Silvergate to contact him to discuss legal options. The firm has prov...
Bitcoin steady above $19,000 at the US close as traditional markets rise
Bitcoin was up o.6% at the close of U.S. markets, trading around $19,460 while traditional markets reversed earlier losses to close higher. The biggest cryptocurrency is up almost 16% over the ...
Silvergate Faces Another Securities Law Class-Action Suit
On January 10, a class-action lawsuit was brought against Silvergate Capital, which is the parent corporation of Silvergate Bank and the operator of the Silvergate Exchange Network. The lawsuit was fi...
Silvergate received a $4.3B bailout after FTX collapse
Silvergate Bank received $4.3 billion from the San Francisco-based Federal Home Loan Bank last year, following the collapse of crypto exchange FTX, according to the firm’s Q4, 2022 flings. Silvergate’...
Silvergate the Bank in the Middle of the Web – Trustnodes
Coinbase has seen a most wonderful week in its stock price with Coin rising 20%, though still down some 80% since its all time high. Microstrategy (MSTR) is up 30%. Riot has gone nuts with the bitcoin...
Metropolitan Bank Drops Crypto Following Silvergate Scare
Metropolitan Holding Corp will shutter its crypto vertical as banks’ crypto business lines face increasing scrutiny. The New York-based bank anticipates ending its relationships with institutional cry...
JPMorgan Downgrades Crypto Bank Silvergate Capital After 4Q Results, Shares Slump
“These events highlight Silvergate Bank’s significant operating challenges, in particular the profitability, funding and liquidity risk associated with amplified deposit volatility driven by unc...
SBF pleads not guilty, layoffs, and bank run on Silvergate: Hodler’s Digest, Jan. 1-7
Top Stories This Week Sam Bankman-Fried enters not guilty plea for all counts in federal court Former FTX CEO Sam Bankman-Fried (has pleaded not guilty to all charges related to the collapse of the cr...
‘Bottom Feeders’: Who Would Be Interested in Silvergate Now?
Silvergate Capital’s stock has been decimated. Its staff has been slashed. It has gone up against historic customer withdrawals. And now the crypto bank has analysts and investors weighing the p...
ARK Invest’s Cathie Wood Sold 99% of Silvergate Stake
According to a Bloomberg report, after the announcement by Silvergate Capital Corp. (NYSE:SI) that was forced to sell assets at a steep loss because customers pulled out most of their deposits during ...
Silvergate Stock Plummets 45% on Major Staff Cuts, Massive Withdrawals
In a preliminary fourth quarter earnings report, crypto bank Silvergate revealed it weathered a run that saw customers pull more than $8 billion from accounts. The bank was forced to sell assets at a ...
Bitcoin, crypto prices inch higher as Silvergate woes worsen
Crypto prices rose over the past week as equities fell on a plethora of negative news. Bitcoin was changing hands for $16,910 at 7:30 a.m. EST, according to data via TradingView. The leading cry...
Silvergate Stock Down 40% Following Diem Write-Off, Job Cuts
Amid a “crisis of confidence” across the cryptocurrency industry, crypto banking group Silvergate Capital will cut 40% of its workforce and abandon some projects—including a blockchain-based payment s...
Crypto Bank Silvergate Shares Plunge 46% After $8.1B Withdrawal in Q4 Prompts 200 Job Cuts
The bank has also halted its plans to launch a digital currency and has written off the $196 million related to its acquisition of the technology and assets of Diem Association from Facebook parent Me...
Crypto Panic at Silvergate Spawns a New Breed of Bank Run
(Bloomberg) — When US banks fell like dominoes during the Great Depression, the cause was often a classic run: Depositors withdrew cash en masse amid fears that lenders were amassing huge losses...
Silvergate stock price falls 46% amid massive layoffs
Silvergate shares plummeted 46% as the company announced to lay off 40% of its workforce, equating to approximately 200 employees. Silvergate struggles to remain in business Silvergate, a publicly tra...
Cathie Wood Sells 99% of Silvergate Stake as Customers Flee
(Bloomberg) — One of Cathie Wood’s funds sold virtually all of its shares in Silvergate Capital Corp. after the cryptocurrency-focused bank announced that it was forced to sell assets at a steep...
Bitcoin, ether steady, as crypto stocks continue downtrend with Silvergate shedding 10%
Bitcoin and ether traded steady on Friday, while altcoins dipped and memecoins surrendered gains. Losses for crypto-related stocks continued as Silvergate plunged 10%. Bitcoin was trading arou...
Crypto bank Silvergate sees two thirds of clients withdraw assets
Customers of US bank Silvergate, which provides cryptocurrency services, have withdrawn over $8bn (£6.7bn) of their crypto-linked deposits. Customers pull deposits Around two-thirds of the bank’...
Silvergate Pulls $8 Billion in Funds
Join Our Telegram channel to stay up to date on breaking news coverage Silvergate has been one of the financial firms affected by the FTX contagion. The US-based bank has invested heavily in the crypt...
BTC Drops By 0.20% As Silvergate Shares Plunge
Bitcoin Price Today 6 Jan 2023: The price of Bitcoin falls down after the news of Silvergate laying off employees breaks out. It is down by 0.20% in the last 24 hours. Bitcoin was trading for 16,878.6...
Cathie Wood’s ARK Invest Buys Almost $6M of COIN, Sells Silvergate Stock
Cathie Wood’s Ark Invest grabbed another $5.8 million of Coinbase (COIN) shares on Thursday, as she continues to show confidence in the crypto exchange even as its share price falls. It closed d...
Crypto-Focused Bank Silvergate Slashes 40% Workforce, Abandons Several Projects
The FTX collapse has accelerated lay-offs as the sector struggles to weather the incessant turmoil. Crypto-focused bank – Silvergate Capital – has become the latest to slash 40% of its workforce, whic...
Silvergate Ditches Its $196 Million Digital Currency Plan
In February of last year, Silvergate officially announced the purchase of Diem Group, a Facebook-affiliated company along with its intellectual property & other technological assets necessary to o...
Silvergate sold assets at loss and cut staff to cover $8.1B in withdrawals: Report
The FTX debacle has triggered a bank run on Silvergate, causing the company to sell off its assets at a loss and cut staff by 40% to cover $8.1 billion worth of customer withdrawals. According to a re...
Silvergate and Genesis layoffs; Mango exploiter detained
The biggest news in the cryptoverse for Jan. 5 saw two notable companies, Silvergate and Genesis, lay off a large portion of their staff. Meanwhile, authorities ordered the detention of Mango Markets ...