SI Silvergate Capital Corporation

10:46 ET -- Silvergate Capital Corp. is one of the most talked about companies in the U.S. across all news items in the last 12 hours, according to Factiva data. Silvergate Capital Corp. was forced to sell assets at a steep loss to cover some $8.1 billion in withdrawals during the collapse of crypto exchange FTX. Crypto-related deposits plunged 68% in the fourth quarter, the bank said in an early release of some quarterly results. To satisfy the withdrawals, Silvergate liquidated debt it was holding on its balance sheet. The $718 million it lost selling the debt far exceeds the bank's total profit since at least 2013. Silvergate shares were down about 10% on Friday. Dow Jones & Co. owns Factiva. (chris.wack@wsj.com)

(END) Dow Jones Newswires

January 06, 2023 11:01 ET (16:01 GMT)

Silvergate Capital (NYSE:SI)
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