2023-03-03
Silvergate Capital is a crypto bank, the
company listed on the New York Stock Exchange. In the past 1 year its share
price have fallen 95% after it was unable to disclose latest quarterly result
of financial statement. Investors are selling Silvergate Capital’s shares because
the company was unable to filed form 10-K and the company announced quarterly
result will be postponed. Silvergate Capital has a net loss of $1 billion
during the fourth quarter of 2022.
U.S. prosecutors are reportedly investigating Silvergate Capital’s hosting of accounts for FTX and Alameda Research. Silvergate Capital announced in a statement released in November 2022 that it deposited customer assets in FTX amounted to less than 10% of total assets. Its total asset value $11.9 billion which means it deposited about $1.19 billion worth of assets in FTX.
