Share this article
Crypto Bank Silvergate Stock Tumbles 45% After 'Going Concern' Filing
The ominous language came in an 8-K filing with the SEC Wednesday evening, in which the troubled lender requested more time before filing its 2022 annual report.
Updated Mar 2, 2023, 4:09 p.m. Published Mar 2, 2023, 2:35 p.m.
Make us preferred on Google
Shares of crypto-friendly lender Silvergate Capital (SI) plunged 45% early Thursday on questions about its survival due to losses and numerous regulatory issues that have arisen following November's FTX exchange collapse.
In volatile action in the minutes following the opening bell, Silvergate shares were trading at $7.38 at press time.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
In a filing late Wednesday, the California-based bank said it needed more than two additional weeks to finish producing its annual report, and said the impact of recent events raises questions about its ability to continue as a "going concern."
Two Wall Street sell-siders were quick to downgrade, with JPMorgan cutting to sell and Canaccord to hold. In addition, Coinbase on Thursday announced it was switching from Silvergate to Signature Bank for servicing Prime account holders.
More For You
Pudgy Penguins is building a multi-vertical consumer IP platform — combining phygital products, games, NFTs and PENGU to monetize culture at scale.
What to know:
Pudgy Penguins is emerging as one of the strongest NFT-native brands of this cycle, shifting from speculative “digital luxury goods” into a multi-vertical consumer IP platform. Its strategy is to acquire users through mainstream channels first; toys, retail partnerships and viral media, then onboard them into Web3 through games, NFTs and the PENGU token.
The ecosystem now spans phygital products (> $13M retail sales and >1M units sold), games and experiences (Pudgy Party surpassed 500k downloads in two weeks), and a widely distributed token (airdropped to 6M+ wallets). While the market is currently pricing Pudgy at a premium relative to traditional IP peers, sustained success depends on execution across retail expansion, gaming adoption and deeper token utility.
More For You
Bitcoin climbs above $89,000 as U.S. dollar tumbles on President Trump's remarks
The president said he isn't concerned about the dollar's recent declines, sending the greenback plunging even lower.
What to know:
- Bitcoin rallied above $89,000 as remarks by President Trump sent the dollar to its lowest level in nearly four years.
- Gold rose to a new record above $5,200 per ounce following the president's comments.
- One analyst is seeing a bullish technical divergence which could send bitcoin back to $95,000 in short order.
Top Stories
