Crypto Bank Silvergate Plunges After It Says Examining Viability, Delays Annual Report
- Firm cites losses tied to debt sales in recent months
- Bank cites FTX-related investigations, and shares tumble 25%
The Silvergate Bank headquarters in La Jolla, California.
Photographer: Ariana Drehsler/BloombergThis article is for subscribers only.
Cryptocurrency-friendly bank Silvergate Capital Corp. is studying whether it’s still viable and reviewing its financial controls, following the collapse of Sam Bankman-Fried’s FTX. The shares plunged as much as 25%.
“The company is currently analyzing certain regulatory and other inquiries and investigations that are pending with respect to the company,” La Jolla, California-based Silvergate said in a filing Wednesday, which also disclosed that it couldn’t file its annual report on time. “The company’s independent registered public accounting firm is also requesting detailed information relating to such matters and the company is responding to such requests.”