Silvergate shares on Friday slumped more than 2 per cent in after-hours trading, after closing up 0.9 per cent at $5.77 in regular trade
. The shares on Thursday had fallen to a record low, ending the day down more than 97 per cent from their all-time high in November 2021.
Silvergate on Wednesday warned in a filing that it was evaluating its ability to operate as a going concern, disclosing that it had sold additional debt securities this year at a loss and that further losses mean the bank could be “less than well capitalized.” After the warning, cryptocurrency heavyweights including Coinbase Global Inc. and Galaxy Digital dropped Silvergate as their banking partner. Stablecoin issuers Paxos and Circle, Cboe’s digital asset exchange, and crypto exchanges Bitstamp and Gemini also suspended their partnerships with Silvergate.Your Globe
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