BTC
$103,122.06
-
0.59%
ETH
$2,533.45
-
3.11%
USDT
$1.0001
+
0.00%
XRP
$2.4383
-
5.20%
BNB
$651.07
-
0.26%
SOL
$169.32
-
4.52%
USDC
$0.9998
+
0.01%
DOGE
$0.2200
-
6.01%
ADA
$0.7655
-
4.71%
TRX
$0.2737
-
1.20%
SUI
$3.8718
-
2.12%
LINK
$16.07
-
5.85%
AVAX
$23.42
-
7.00%
XLM
$0.2942
-
4.26%
SHIB
$0.0₄1479
-
6.79%
HYPE
$25.51
+
1.16%
HBAR
$0.1990
-
4.93%
LEO
$8.8572
-
0.78%
BCH
$394.47
-
2.91%
TON
$3.0772
-
5.47%
Logo
  • News
  • Prices
  • Data
  • Indices
  • Research
  • Consensus
  • Sponsored
  • Sign In
  • Sign Up
Advertisement

Consensus 2025

Consensus 2025

Prices Increase This Friday

14:23:38:48

14

DAY

23

HOUR

38

MIN

48

SEC

Register Now
Finance
Share this article
X iconX (Twitter)LinkedInFacebookEmail

Silvergate Shares Drop as USD Transfers, Digital Deposits Slowed in Q3

The digital asset bank grew its customer base to 1,677 during the third quarter.

By Parikshit Mishra, Michael Bellusci
Updated May 9, 2023, 3:59 a.m. Published Oct 18, 2022, 10:46 a.m.
Silvergate CEO Alan Lane (CoinDesk archives)
Silvergate CEO Alan Lane (CoinDesk archives)

Crypto-focused bank Silvergate Capital Corporation (SI) missed both earnings and revenue estimates for third-quarter earnings, sending shares down nearly 14% early Tuesday.

Silvergate's earnings per share missed expectations as U.S. dollar transfers on its Silvergate Exchange Network (SEN) slowed by more than expected on a sequential basis, said BTIG analyst Mark Palmer in a note Tuesday. Silvergate's average digital asset deposits during Q3 fell short of the consensus expectation as well, noted Palmer. He maintained his buy rating and $135 price target on the stock, or more than double the current level of $61.15.

STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
By signing up, you will receive emails about CoinDesk products and you agree to our terms of use and privacy policy.

The firm's quarterly net income attributable to shareholders was $40.6 million, or $1.28 per diluted common share, lower than FactSet's mean estimate of $1.40. The bank reported revenue of $89.3 million, well below FactSet's mean estimate of $100.3 million.

The bank grew its customer base to 1,677 as of Sept. 30, compared to 1,305 as of Sept. 30, 2021, the firm said on Tuesday. The Silvergate Exchange Network (SEN) handled transactions worth $112.6 billion during the third quarter, down 41% from Q2 and 30% from one year ago.

Earlier this month, Wells Fargo downgraded the stock from overweight to underweight, and cut its price target to $70 from $115. Silvergate is one of the most asset-sensitive banks, but deposit outflows due to weaker crypto prices more than offset the benefits from higher interest rates, according to Wells Fargo.

Read more: Silvergate's Q2 Net Income Jumps 85%, Shares Spike

UPDATE (Oct. 18, 2022 13:20 UTC): Updates headline and story with estimates and stock move.

UPDATE (Oct. 18, 14:05 UTC): Updates stock move and adds analyst commentary.


Silvergate BankSilvergate Exchange NetworkEarnings
Parikshit Mishra

Parikshit Mishra is CoinDesk's Regional Head of Asia, managing the editorial team in the region. Before joining CoinDesk, he was the EMEA Editor at Acuris (Mergermarket), where he dealt with copies related to private equity and the startup ecosystem. He has also worked as an Senior Analyst for CRISIL, covering the European markets and global economies. His most notable tenure was with Reuters, where he worked as a correspondent and an editor for various teams. He does not have any crypto holdings.

X icon
Parikshit Mishra, Regional Head of Asia, CoinDesk at Consensus Hong Kong 2025.(CoinDesk)
Michael Bellusci

Michael Bellusci is a former CoinDesk crypto reporter. Previously he covered stocks for Bloomberg. He has no significant crypto holdings.

X icon
Picture of CoinDesk author Michael Bellusci

Only 2 articles remaining this month.

Sign up for free

About

  • About Us
  • Masthead
  • Careers
  • CoinDesk News
  • Crypto API Documentation

Contact

  • Contact Us
  • Accessibility
  • Advertise
  • Sitemap
  • System Status
DISCLOSURE & POLICES
CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. CoinDesk has adopted a set of principles aimed at ensuring the integrity, editorial independence and freedom from bias of its publications. CoinDesk is part of the Bullish group, which owns and invests in digital asset businesses and digital assets. CoinDesk employees, including journalists, may receive Bullish group equity-based compensation. Bullish was incubated by technology investor Block.one.
EthicsPrivacyTerms of UseCookie SettingsDo Not Sell My Info

© 2025 CoinDesk, Inc.
X icon
Sign Up
  • News
    Back to menu
    News
    • Markets
    • Finance
    • Tech
    • Policy
    • Focus
  • Prices
    Back to menu
    Prices
    • Data
      Back to menu
      Data
      • Trade Data
      • Derivatives
      • Order Book Data
      • On-Chain Data
      • API
      • Research & Insights
      • Data Catalogue
      • AI & Machine Learning
    • Indices
      Back to menu
      Indices
      • Multi-Asset Indices
      • Reference Rates
      • Strategies and Services
      • API
      • Insights & Announcements
      • Documentation & Governance
    • Research
      Back to menu
      Research
      • Consensus
        Back to menu
        Consensus
        • Consensus Toronto
        • Toronto Coverage
      • Sponsored
        Back to menu
        Sponsored
        • Thought Leadership
        • Press Releases
        • CoinW
        • MEXC
        • Phemex
        • Advertise
      • Videos
        Back to menu
        Videos
        • CoinDesk Daily
        • Shorts
        • Editor's Picks
      • Podcasts
        Back to menu
        Podcasts
        • CoinDesk Podcast Network
        • Markets Daily
        • Gen C
        • Unchained with Laura Shin
        • The Mining Pod
      • Newsletters
        Back to menu
        Newsletters
        • The Node
        • Crypto Daybook Americas
        • State of Crypto
        • Crypto Long & Short
        • Crypto for Advisors
      • Webinars & Events
        Back to menu
        Webinars & Events
        • Consensus 2025
        • Policy & Regulation Conference
      Select Language
      English enEspañol esFilipino filFrançais frItaliano itPortuguês pt-brРусский ruУкраїнська uk