Silvergate plunged nearly 50.0% after massive crypto deposits withdrawn

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The Silvergate Capital (SI.US) stock is currently losing 45% due to a series of business problems. Cryptocurrency related deposits fell in Q4 as the collapse of cryptocurrency exchange FTX spooked investors.

Digital asset deposits dropped by $8.1 billion from September 30 through the end of the year to just $3.8 billion. Moreover, the crypto bank was forced to sell $5.2 billion in assets with a loss of $718 million in the fourth quarter to maintain operational liquidity.
“In response to the rapid changes in the digital asset industry during the fourth quarter, we took commensurate steps to ensure that we were maintaining cash liquidity in order to satisfy potential deposit outflows, and we currently maintain a cash position in excess of our digital asset-related deposits,” CEO Alan Lane said in a press release.
Silvergate plans to cut staff by 40% or about 200 employees and declares that in the fourth quarter it will incur restructuring costs in the amount of USD 4 million.

Source: xStation5

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