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Reading: Silvergate Stock Drops Over 50% as Crypto Clients Flee
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Live Trading News > Blog > Crypto > Blockchain for Government > Silvergate Stock Drops Over 50% as Crypto Clients Flee
2023

Silvergate Stock Drops Over 50% as Crypto Clients Flee

John Heffernan
Last updated: March 3, 2023 3:04 am
John Heffernan
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Silvergate’s clients Coinbase, Circle, Paxos, Crypto.com, Bitstamp, Cboe Digital Markets, Galaxy and Gemini said they will suspend business with the bank.The vast majority of crypto-friendly Silvergate Bank’s (SI) industry clients have left or are leaving the company less than a day after it announced it would have to review its books with its auditors and warned of several headwinds. The bank’s share price has fallen by more than 50%, to an all-time low, on the day’s trading.

Silvergate announced Wednesday it would delay filing its annual 10-K filing due to needing to answer requests from its independent auditors and accounting firm, as well as “regulatory and other inquiries and investigations that are pending.” The bank warned in a forward-looking statement that it faced possible inquires from bank regulators and the U.S. Department of Justice, and its ability to “continue as a going concern” over the next year.

Big players suspending operations

On Thursday, Coinbase, Circle, Paxos, Crypto.com, Bitstamp, Cboe Digital Markets, Galaxy Digital and Gemini all announced they would suspend Automated Clearing House (ACH) transfers and other business operations with the bank, days after crypto derivatives provider LedgerX announced the same. Kraken appears to be the only major crypto exchange to continue using Silvergate, having ended some transactions with rival bank Signature (SBNY) on Wednesday.

A Kraken spokesperson did not return a request for comment on Silvergate. Silvergate Bank also said in its filing Wednesday that it would have to repay Federal Home Loan Bank loans that it took out last year.

“Subsequent to December 31, 2022, a number of circumstances have occurred which will negatively impact the timing and the unaudited results previously reported in the Earnings Release, including the sale of additional investment securities beyond what was previously anticipated and disclosed in the Earnings Release primarily to repay in full the Company’s outstanding advances from the Federal Home Loan Bank of San Francisco,” the filing said.

Crypto news outlet Protos reported in January that both Silvergate and Signature were tapping FHLB loans, receiving up to $15 billion combined.

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By John Heffernan
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John Heffernan is a BSc Economist with Honors. Currently working as an Analyst at KXCO, and has contributed on equities and Crypto at Live Trading News.
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