Silvergate Capital shares drop 57% after the crypto bank delays its annual report
Publishing timestamp: 2023-03-02 16:22:05
Summary
Shares of Silvergate Capital plummeted Thursday after the bank delayed filing its annual 10-K report as it evaluates events that have happened since the end of 2022. JPMorgan downgraded Silvergate shares Thursday along with other Wall Street analysts, and the company reported a net loss of $948.7 million for 2022. Other crypto-related companies such as Signature Bank, Coinbase, Galaxy Digital, Circle, and Paxos have taken measures to distance themselves from Silvergate. Bitcoin and Ether prices remained flat.
Sentiment: NEGATIVE
Keywords: technology, silvergate capital corp, investment strategy, signature bank, markets, business news, cryptocurrency, coinbase global inc,