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Crypto Bank Silvergate Stock Tumbles 45% After 'Going Concern' Filing

The ominous language came in an 8-K filing with the SEC Wednesday evening, in which the troubled lender requested more time before filing its 2022 annual report.

Güncellendi 2 Mar 2023 ös 4:09 Yayınlandı 2 Mar 2023 ös 2:35 AI tarafından çevrildi
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Shares of crypto-friendly lender Silvergate Capital (SI) plunged 45% early Thursday on questions about its survival due to losses and numerous regulatory issues that have arisen following November's FTX exchange collapse.

In volatile action in the minutes following the opening bell, Silvergate shares were trading at $7.38 at press time.

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In a filing late Wednesday, the California-based bank said it needed more than two additional weeks to finish producing its annual report, and said the impact of recent events raises questions about its ability to continue as a "going concern."

Two Wall Street sell-siders were quick to downgrade, with JPMorgan cutting to sell and Canaccord to hold. In addition, Coinbase on Thursday announced it was switching from Silvergate to Signature Bank for servicing Prime account holders.


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Bitcoin Jumps to $99K as Spiking Coinbase Premium Points to Strong U.S. Buying

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Spot BTC prices were at times $300 pricier on Coinbase relative to Binance, suggesting the rally may be driven by heavy demand from American investors.

Bilinmesi gerekenler:

  • Bitcoin surged towards $100,000 on Wednesday's U.S. trading session, gaining 3.2% in the past 24 hours.
  • The rally coincided with significant spot BTC price premium on Coinbase.
  • Fed Chair Jerome Powell called bitcoin a competitor to gold during a panel discussion.