Trending: Silvergate Capital Raced to Cover Crypto Withdrawals
January 06 2023 - 11:16AM
Dow Jones News
10:46 ET -- Silvergate Capital Corp. is one of the most talked
about companies in the U.S. across all news items in the last 12
hours, according to Factiva data. Silvergate Capital Corp. was
forced to sell assets at a steep loss to cover some $8.1 billion in
withdrawals during the collapse of crypto exchange FTX.
Crypto-related deposits plunged 68% in the fourth quarter, the bank
said in an early release of some quarterly results. To satisfy the
withdrawals, Silvergate liquidated debt it was holding on its
balance sheet. The $718 million it lost selling the debt far
exceeds the bank's total profit since at least 2013. Silvergate
shares were down about 10% on Friday. Dow Jones & Co. owns
Factiva. (chris.wack@wsj.com)
(END) Dow Jones Newswires
January 06, 2023 11:01 ET (16:01 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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