{"id":18480,"date":"2023-03-09T00:45:24","date_gmt":"2023-03-09T00:45:24","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/silvergate-stock-just-crashed-again-explore-why\/"},"modified":"2023-03-09T00:45:24","modified_gmt":"2023-03-09T00:45:24","slug":"silvergate-stock-just-crashed-again-explore-why","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/silvergate-stock-just-crashed-again-explore-why\/","title":{"rendered":"Silvergate stock just crashed again: explore why"},"content":{"rendered":"<p><b>(Originally posted on : CoinJournal: Latest Bitcoin, Ethereum &amp; Crypto News )<\/b><br \/>\n<\/p>\n<div>\n<div class=\"post-article-image  -mt-24  mb-8  lg:-mt-32  rounded  overflow-hidden\">\n<picture><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/03\/190877757_m-smartcrop-750x375.webp\" type=\"image\/webp\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/03\/190877757_m-smartcrop-363x181.webp\" type=\"image\/webp\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/03\/190877757_m-smartcrop-750x375.jpg\" type=\"image\/jpeg\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/03\/190877757_m-smartcrop-363x181.jpg\" type=\"image\/jpeg\"\/>\n<\/picture>                    <\/div>\n<ul>\n<li>Silvergate Capital Corp says it has decided to wind down operations.<\/li>\n<li>The crypto company will liquidate the Silvergate Bank as well.<\/li>\n<li>Silvergate stock is now down close to 75% versus the start of 2023.<\/li>\n<\/ul>\n<p>Shares of Silvergate Capital Corp (NYSE: SI) crashed about 40% in extended hours on Wednesday after the crypto bank confirmed that it has decided to wind down operations.<\/p>\n<h2>Silvergate to liquidate the \u2018Bank\u2019 as well<\/h2>\n<p>The announcement arrives about a week after Silvergate Capital Corp <a href=\"https:\/\/decrypt.co\/122530\/silvergate-stock-plunges-crypto-bank-delays-sec-financial-report\" target=\"_blank\" rel=\"noopener\">delayed<\/a> the submission of its annual 10-K report. In a <a href=\"https:\/\/www.businesswire.com\/news\/home\/20230308005795\/en\/Silvergate-Capital-Corporation-Announces-Intent-to-Wind-Down-Operations-and-Voluntarily-Liquidate-Silvergate-Bank\" target=\"_blank\" rel=\"noopener\">press release<\/a> today, it also revealed plans of liquidating the Silvergate Bank.<\/p>\n<blockquote>\n<p>In light of recent industry and regulatory developments, Silvergate believes that an orderly wind down of Bank operations and a voluntary liquidation of the Bank is the best path forward.<\/p>\n<\/blockquote>\n<p>The California-based company has been struggling for a while and opted to <a href=\"https:\/\/www.bankingdive.com\/news\/silvergate-cuts-workforce-crypto-run-diem-ftx-withdrawals\/639730\/\" target=\"_blank\" rel=\"noopener\">lower its headcount<\/a> by 40% in January. Versus the start of the new year, Silvergate stock is now down close to 75% at writing.<\/p>\n<h2>Silvergate discontinues its crypto-payments network<\/h2>\n<p>Silvergate Capital Corp has picked Centerview Partners LLC as its financial advisor while Cravath, Swaine &amp; Moore LLP will act as its legal advisor through the process. The <a href=\"https:\/\/www.businesswire.com\/news\/home\/20230308005795\/en\/Silvergate-Capital-Corporation-Announces-Intent-to-Wind-Down-Operations-and-Voluntarily-Liquidate-Silvergate-Bank\" target=\"_blank\" rel=\"noopener\">press release<\/a> also reads:<\/p>\n<blockquote>\n<p>Bank\u2019s wind down and liquidation plan includes full repayment of all deposits. The Company is also considering how best to resolve claims and preserve the residual value of its assets.<\/p>\n<\/blockquote>\n<p>Last week, the crypto company <a href=\"https:\/\/www.forbes.com\/sites\/emilymason\/2023\/03\/06\/silvergate-bank-extends-downward-spiral-after-us-criticism-spurs-losses\/?sh=668cb562236a\" target=\"_blank\" rel=\"noopener\">discontinued<\/a> one of its core offerings \u2013 the Silvergate Exchange Network (SEN) but clarified that its other deposit-related services were still operational.<\/p>\n<p>Silvergate currently has more than $11 billion in total assets. It\u2019s the only crypto bank other than its bigger rival Signature Bank that has over $114 billion instead.<\/p>\n<div class=\"post-meta\">\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Share this article<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Categories<\/h6>\n<\/p><\/div>\n<\/p><\/div>\n<p><a href=\"https:\/\/coinjournal.net\/news\/why-silvergate-stock-crashed-again\/\">Source link <\/a><br \/>\n<br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Originally posted on : CoinJournal: Latest Bitcoin, Ethereum &amp; Crypto News ) Silvergate Capital Corp says it has decided to wind down operations. The crypto company will liquidate the Silvergate Bank as well. Silvergate stock is now down close to 75% versus the start of 2023. Shares of Silvergate Capital Corp (NYSE: SI) crashed about [&hellip;]<\/p>\n","protected":false},"author":30,"featured_media":18481,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[35],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/18480"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/30"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=18480"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/18480\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/18481"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=18480"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=18480"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=18480"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}