Silvergate Raced to Cover $8.1 Billion in Withdrawals During Crypto Meltdown
Summary by Ground News
Shares of Silvergate Capital sank 47% on Thursday after the crypto-focused bank released preliminary fourth-quarter results that showed massive customer withdrawals.
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The Guardian
Silvergate forced to cover $8bn worth of crypto-related withdrawals
The US bank was forced to sell $5.2bn worth of assets for cash and booked a loss of $718m on those sales
Silvergate Capital shares sink as crypto-related deposits plunge by $8 bln
Silvergate Capital Corp reported a sharp drop in fourth-quarter crypto-related deposits on Thursday as investors spooked by the collapse of FTX pulled out more than $8 billion in deposits, sending shares down more than 42%.
Silvergate Capital shares sink as crypto-related deposits plunge
:Silvergate Capital Corp reported a sharp drop in fourth-quarter crypto-related deposits on Thursday and said it would cut its workforce by 40 per cent, or about 200 employees, as withdrawals surged following the collapse of industry major FTX.Shares in the company, which lost roughly 88 per cent of their val
Silvergate Capital Shares Plummet Over 45% After Massive Customer Withdrawals
Shares of crypto-focused bank Silvergate Capital Corp (NYSE: SI) plummeted by more than 47% on Thursday, after the bank released preliminary fourth-quarter results that showed a significant drop in customer deposits. What Happened: Digital asset deposits decreased from $11.9 billion at the end of the third quarter to $3.8 billion, representing a decline of approximately 68%. The decrease in deposits coincided with the collapse of crypto exchange…
Silvergate Tumbles After FTX Implosion Prompts $8.1 Billion Bank Run
Silvergate Capital Corp. shares plunged after the bank said the crypto industry’s meltdown triggered a run on deposits, prompting the company to sell assets at a steep loss and fire 40% of its staff.