SI - SI STOCK NEWS

Silvergate Capital Corporation (NYSE:SI) announced its plan to wind down operations and voluntarily liquidate Silvergate Bank, aiming for an orderly process in accordance with regulatory requirements. The decision follows recent industry challenges, and the company asserts this is the best course to ensure the full repayment of all deposits. Silvergate is also evaluating how to resolve claims and maintain the value of its assets, including proprietary technology and tax assets. The Silvergate Exchange Network (SEN) will be discontinued, though other deposit services will remain operational.

Silvergate Capital Corporation (NYSE: SI) has announced the suspension of dividends on its 5.375% Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series A. This decision is aimed at preserving capital amid recent volatility in the digital asset sector. The Company maintains a strong liquidity position, holding cash exceeding its digital asset customer-related deposits. The Board of Directors will reassess the dividend payments as market conditions evolve, underscoring the company's commitment to ensuring financial stability and navigating challenges in the industry.

Silvergate Capital Corporation (NYSE: SI) has provided a business update regarding the recent bankruptcy filing of Genesis Global Holdco, LLC and its subsidiaries. As of December 31, 2022, and January 19, 2023, Silvergate's deposit relationship with Genesis was less than $2.5 million. The company confirms that Genesis is not involved as a custodian for its bitcoin-collateralized SEN Leverage loans, and Silvergate holds no outstanding loans or investments in Genesis. Despite the turbulent conditions in the digital asset industry, Silvergate assures that customer deposits are secure.

Silvergate Capital Corporation reported significant financial losses for the fourth quarter and full year of 2022. The Company recorded a net loss of $1.0 billion for Q4 2022, equating to a loss of $33.16 per share, compared to a $40.6 million profit in Q3 2022. Average digital asset customer deposits plummeted from $12.0 billion in Q3 to $7.3 billion in Q4. Noninterest losses for Q4 reached $887.3 million, largely due to substantial losses on securities. The Company also reduced its workforce by 40% to manage operating expenses amid a declining digital asset environment. Silvergate aims to maintain liquidity and adapt its product offerings as it navigates a challenging market.

Silvergate Capital Corporation (NYSE: SI) has announced preliminary financial metrics for Q4 2022, revealing a significant decline in deposits from digital asset customers, dropping to $3.8 billion from $11.9 billion in Q3 2022. In response to industry challenges, Silvergate is taking decisive actions, including a 40% workforce reduction and exiting its mortgage warehouse lending product, which will incur substantial restructuring costs. Despite these hurdles, Silvergate maintains a strong cash position of approximately $4.6 billion and continues to support its digital asset clients amid market volatility.

Silvergate Capital Corporation (NYSE: SI) will release select unaudited and preliminary financial metrics for Q4 2022 on January 5, 2023, before market open. A conference call is scheduled for 8:00 a.m. (Eastern Time) the same day, accessible via phone or webcast through the company’s investor relations website. The call will include a replay option available until January 19, 2023. Silvergate is recognized for its innovative financial infrastructure solutions in the digital asset industry, particularly through the Silvergate Exchange Network, enhancing digital asset market growth.

Silvergate Capital Corporation (NYSE: SI) provided a business update regarding its deposit relationship with BlockFi, stating it represents less than $20 million of total digital asset deposits as of November 28, 2022. The company clarified that BlockFi is not a custodian for its bitcoin-collateralized SEN Leverage loans, which have shown zero losses. Silvergate also holds a cash collateral account containing $10 million to support its services to BlockFi. CEO Alan Lane affirmed the company's commitment to managing industry volatility.

Silvergate Capital Corporation (NYSE: SI) has announced a mid-quarter business update scheduled for November 17, 2022, led by CEO Alan Lane at Oppenheimer's Blockchain & Digital Assets Summit. As of November 15, 2022, average customer deposits reached approximately $9.8 billion, excluding FTX-related deposits. The Silvergate Exchange Network (SEN) reported an average daily volume of $1.9 billion, up from $1.2 billion in Q3 2022. All bitcoin-collateralized loans recorded zero losses.

Silvergate Capital Corporation (NYSE: SI) has provided an update regarding its exposure to FTX as of September 30, 2022. Total deposits from digital asset customers reached $11.9 billion, with FTX accounting for less than 10%. The company has no loans or investments in FTX, and all SEN Leverage loans continue to perform without losses. CEO Alan Lane emphasized the company's strong capitalization, liquidity, and the uninterrupted functioning of its Silvergate Exchange Network during market volatility.