Silvergate Provides Statement on Limited Exposure to Genesis

Rhea-AI Summary

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.

Positive

• Minimal exposure to Genesis with deposits under $2.5 million.
• No outstanding loans or investments in Genesis, reducing investment risk.
• Customer deposits are confirmed to be secure.

Negative

• None.

LA JOLLA, Calif.--(BUSINESS WIRE)-- Silvergate Capital Corporation (the "Company" or "Silvergate") (NYSE: SI), the leading provider of innovative financial infrastructure solutions to the digital asset industry, today announced a business update in connection with the recently announced bankruptcy filing by Genesis Global Holdco, LLC and its subsidiaries Genesis Global Capital LLC and Genesis Asia Pacific PTE LTD (collectively, "Genesis").

Silvergate's deposit relationship with Genesis was less than $2.5 million as of both December 31, 2022 and January 19, 2023. Genesis is not a custodian for Silvergate’s bitcoin-collateralized SEN Leverage loans and Silvergate has no outstanding loans to nor investments in Genesis.

While this continues to be a turbulent time in the digital asset industry, Silvergate's exposure to Genesis is minimal and customers’ deposits are, and have always been, safely held.

About Silvergate

Silvergate Capital Corporation (NYSE: SI) is the leading provider of innovative financial infrastructure solutions and services for the 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 digital asset companies and investors around the world. Silvergate is enabling digital asset markets and reshaping global commerce for a digital asset future.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230120005474/en/

Investor Relations:

Edelman Smithfield for Silvergate

(858) 200-3782

investors@silvergate.com



Media:

Edelman Smithfield for Silvergate

press@silvergate.com

Source: Silvergate Capital Corporation

FAQ

What is Silvergate Capital Corporation's exposure to Genesis?

Silvergate's exposure to Genesis is minimal, with a deposit relationship of less than $2.5 million as of both December 31, 2022, and January 19, 2023.

Are Silvergate's customer deposits safe amid the Genesis bankruptcy?

Yes, Silvergate confirms that customer deposits are and have always been safely held.

Does Silvergate have any outstanding loans to Genesis?

No, Silvergate has no outstanding loans or investments in Genesis.

What was the status of Silvergate's deposits with Genesis before the bankruptcy?

Silvergate's deposits with Genesis were less than $2.5 million as of the end of December 2022 and January 2023.