Silvergate Capital tanks more than 40% after crypto bank discloses massive fourth-quarter withdrawals
Publishing timestamp: 2023-01-05 13:43:44
Summary
Silvergate Capital's stock dropped 42.7% on Thursday after the crypto-focused bank released preliminary fourth-quarter results that showed massive customer withdrawals. The bank had to sell $5.2 billion of debt securities to raise cash, resulting in a loss of $718 million. Silvergate also announced that it is laying off 200 employers and exiting its mortgage warehouse lending business. The stock is now more than 90% off its all-time high.
Sentiment: NEGATIVE
Tickers: SI,
Keywords: business news, silvergate capital corp, markets, financials, breaking news: markets,