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Silvergate Surges on Earnings Showing Business Is “Intact”

  • La Jolla, California-based Silvergate posts $1 billion loss
  • Banks have taken steps to shrink crypto exposure on meltdown


Photographer: Andrey Rudakov/Bloomberg
Updated on

Silvergate Capital Corp. rose after posting fourth-quarter results that further outlined steps the bank is taking to weather the FTX meltdown, after the crypto exchange’s collapse forced it to fire staff and sell assets. 

Silvergate reported a $1 billion loss for the period and said it will shed some non-core, digital-asset customers, eliminate a portion of its digital-asset product portfolio and assess its pipeline of prospective customers. The bank will also discontinue offering its crypto custody service, according to its Chief Executive Officer Alan Lane.