Silvergate Provides Mid-Quarter Update and Announces Participation in Oppenheimer's 5th Blockchain & Digital Assets Summit

Rhea-AI Summary

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.

Positive

• Average quarter-to-date customer deposits of approximately $9.8 billion.
• SEN average daily volume increased to $1.9 billion, up from $1.2 billion in Q3 2022.
• No losses or forced liquidations reported on bitcoin-collateralized loans.

Negative

• None.

LA JOLLA, Calif.--(BUSINESS WIRE)-- Silvergate Capital Corporation (“Silvergate” or the “Company”) (NYSE: SI), the leading provider of innovative financial infrastructure solutions to the digital asset industry, today announced that Chief Executive Officer Alan Lane will provide a mid-quarter business update at Oppenheimer's 5th Blockchain & Digital Assets Summit at 2:55 p.m. ET on Thursday, November 17, 2022.

Interested investors and other parties can access a live webcast of the fireside chat by visiting the investor relations section of Silvergate’s website at ir.silvergate.com. An online replay will be available on the same website following the presentation.

Business update

The Company is providing the following unaudited and preliminary mid-quarter results as of November 15, 2022:

• Average quarter-to-date digital asset customer deposits of approximately $9.8 billion, excluding all deposits from FTX and its related entities
• The Silvergate Exchange Network (“SEN”) continues to operate 24/7 with average daily volume totaling $1.9 billion quarter-to-date, compared to average daily volume of $1.2 billion in the third quarter of 2022
• At November 15, 2022, all bitcoin-collateralized loans have performed as expected with zero losses and no forced liquidations

“Silvergate’s platform, including our risk management and compliance infrastructure, was built to support our clients during times of market volatility and transformation,” said Alan Lane, CEO of Silvergate.

About Silvergate

Silvergate Capital Corporation (NYSE: SI) is the leading provider of innovative financial infrastructure solutions and services for the growing digital asset industry. The Company’s real-time payments platform, known as the Silvergate Exchange Network, is at the heart of its customer-centric suite of payments, lending and funding solutions serving an expanding class of digital asset companies and investors around the world. Silvergate is enabling the rapid growth of digital asset markets and reshaping global commerce for a digital asset future.

View source version on businesswire.com: https://www.businesswire.com/news/home/20221116006033/en/

Investor Relations:

Hunter Stenback/Ashna Vasa

(858) 200-3782

investors@silvergate.com

Media:

Evann Berry

press@silvergate.com

Source: Silvergate Capital Corporation

FAQ

What is the date of Silvergate's mid-quarter business update?

The mid-quarter business update for Silvergate is scheduled for November 17, 2022.

What is the average customer deposit amount for Silvergate as of November 15, 2022?

Silvergate's average customer deposits are approximately $9.8 billion as of November 15, 2022.

How much volume does the Silvergate Exchange Network handle?

The Silvergate Exchange Network has an average daily volume of $1.9 billion quarter-to-date.

How many losses have occurred on Silvergate's bitcoin-collateralized loans?

Silvergate reported zero losses and no forced liquidations on its bitcoin-collateralized loans.