Share this article
Silvergate Bank's Q4 Earnings Misses Estimates
Profit at the crypto-focused bank more than doubled from a year earlier, but fell 22% from the third quarter.
Updated May 11, 2023, 7:10 p.m. Published Jan 18, 2022, 1:11 p.m.
Crypto-focused Silvergate Bank's fourth-quarter earnings dropped 22% from the third quarter, falling short of estimates and sending shares of its parent company down 13% in pre-market trading on the New York Stock Exchange.
- The fourth-quarter earnings of $18.4 million, or 66 cents a share, fell short of analysts' average estimate of 73 cents a share. The company posted earnings of $23.5 million, or 88 cents a share, for the third quarter and $9.1 million, or 47 cents a share, for the fourth quarter of 2020. The overall crypto market soared in 2021.
- The number of the bank's digital currency customers rose to 1,381 at the end of December from 1,305 at the end of September and 969 at the end of 2020, according to an announcement on Tuesday.
- Average digital currency customer deposits rose to $13.3 billion in the fourth quarter from $11.2 billion in the third quarter.
- Meanwhile, the bank's on-ramp for bitcoin markets known as the Silvergate Exchange Network (SEN) processed transfers worth $219.2 billion in the fourth quarter, compared with $162 billion in the third quarter and $59.2 billion in the year-earlier fourth quarter.
- Shares of the bank's parent company, Silvergate Capital Corp., were down 13.4% in pre-market trading.
- Silvergate's clients include crypto exchanges such as Coinbase, Gemini and Kraken and stablecoin issuer Circle.
Read more: Silvergate Bank Looks to Raise $461M in Public Stock Offering
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
More For You
L1 tokens broadly underperformed in 2025 despite a backdrop of regulatory and institutional wins. Explore the key trends defining ten major blockchains below.
What to know:
2025 was defined by a stark divergence: structural progress collided with stagnant price action. Institutional milestones were reached and TVL increased across most major ecosystems, yet the majority of large-cap Layer-1 tokens finished the year with negative or flat returns.
This report analyzes the structural decoupling between network usage and token performance. We examine 10 major blockchain ecosystems, exploring protocol versus application revenues, key ecosystem narratives, mechanics driving institutional adoption, and the trends to watch as we head into 2026.
More For You
Coinbase agrees to buy The Clearing Company to deepen prediction markets push
The deal brings a team with specialized experience building event-based trading systems, including veterans from Polymarket and Kalshi.
What to know:
- Coinbase is acquiring The Clearing Company, a startup with experience in prediction markets, to help grow its newly introduced platform.
- The deal brings in a team with specialized experience building event-based trading systems, including veterans from Polymarket and Kalshi.
- The acquisition is part of Coinbase's plan to become an "Everything Exchange", offering a wide range of trading options, including novel cryptocurrencies, perpetual futures contracts, stocks, and prediction markets.
Top Stories
