Cryptocurrencies
Crypto-Focused Silvergate Jumps on Blowout Earnings Report
- Stock jumped 13% on Tuesday, its biggest jump since March 9
- Earnings came in about 75% higher than analyst forecasts
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Silvergate Capital Corp. surged by the most in more than a month on Tuesday after the cryptocurrency-focused bank reported first quarter earnings that came in ahead of consensus forecasts.
Shares of the firm jumped 13%, the biggest one-day leap since March 9, after revealing earnings-per-share of 79 cents for the first three months of the year, 75% higher than the average analyst estimate of 45 cents, according to data compiled by Bloomberg. The bank also reported that its number of digital currency customers had jumped to 1,503 from the year prior, an increase of about 36%.