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Silvergate Capital Corporation reported significant financial losses for the fourth quarter and full year of 2022. The Company recorded a net loss of $1.0 billion for Q4 2022, equating to a loss of $33.16 per share, compared to a $40.6 million profit in Q3 2022. Average digital asset customer deposits plummeted from $12.0 billion in Q3 to $7.3 billion in Q4. Noninterest losses for Q4 reached $887.3 million, largely due to substantial losses on securities. The Company also reduced its workforce by 40% to manage operating expenses amid a declining digital asset environment. Silvergate aims to maintain liquidity and adapt its product offerings as it navigates a challenging market.
Silvergate Capital Corporation (NYSE: SI) has announced preliminary financial metrics for Q4 2022, revealing a significant decline in deposits from digital asset customers, dropping to $3.8 billion from $11.9 billion in Q3 2022. In response to industry challenges, Silvergate is taking decisive actions, including a 40% workforce reduction and exiting its mortgage warehouse lending product, which will incur substantial restructuring costs. Despite these hurdles, Silvergate maintains a strong cash position of approximately $4.6 billion and continues to support its digital asset clients amid market volatility.
Silvergate Capital Corporation (NYSE: SI) will release select unaudited and preliminary financial metrics for Q4 2022 on January 5, 2023, before market open. A conference call is scheduled for 8:00 a.m. (Eastern Time) the same day, accessible via phone or webcast through the company’s investor relations website. The call will include a replay option available until January 19, 2023. Silvergate is recognized for its innovative financial infrastructure solutions in the digital asset industry, particularly through the Silvergate Exchange Network, enhancing digital asset market growth.
Silvergate Capital Corporation (NYSE: SI) provided a business update regarding its deposit relationship with BlockFi, stating it represents less than $20 million of total digital asset deposits as of November 28, 2022. The company clarified that BlockFi is not a custodian for its bitcoin-collateralized SEN Leverage loans, which have shown zero losses. Silvergate also holds a cash collateral account containing $10 million to support its services to BlockFi. CEO Alan Lane affirmed the company's commitment to managing industry volatility.
Silvergate Capital Corporation (NYSE: SI) has announced a mid-quarter business update scheduled for November 17, 2022, led by CEO Alan Lane at Oppenheimer's Blockchain & Digital Assets Summit. As of November 15, 2022, average customer deposits reached approximately $9.8 billion, excluding FTX-related deposits. The Silvergate Exchange Network (SEN) reported an average daily volume of $1.9 billion, up from $1.2 billion in Q3 2022. All bitcoin-collateralized loans recorded zero losses.
Silvergate Capital Corporation (NYSE: SI) has provided an update regarding its exposure to FTX as of September 30, 2022. Total deposits from digital asset customers reached $11.9 billion, with FTX accounting for less than 10%. The company has no loans or investments in FTX, and all SEN Leverage loans continue to perform without losses. CEO Alan Lane emphasized the company's strong capitalization, liquidity, and the uninterrupted functioning of its Silvergate Exchange Network during market volatility.
Silvergate Capital Corporation (NYSE: SI) addressed recent digital asset market volatility, emphasizing its robust capital position and liquidity management. CEO Alan Lane highlighted the company's securities portfolio valued at
Silvergate Capital Corporation (NYSE: SI) announced the promotion of Ben Reynolds to President and the appointment of Kate Fraher as Chief Risk Officer. Both executives will report to CEO Alan Lane. Reynolds has a solid history in digital asset initiatives since joining Silvergate in 2016, while Fraher brings over 20 years of banking experience and joined the company in 2006. The appointments are aimed at enhancing Silvergate's focus on innovative financial solutions for the digital asset industry, reinforcing risk management practices as they move into 2023.
Silvergate Capital Corporation (NYSE:SI) announced enhancements to its customer support operations, now offering 24/7 assistance for banking activities. This initiative complements its existing real-time payments platform, Silvergate Exchange Network (SEN), which has processed over $2 trillion since its launch in 2017. The extended support aims to boost customer confidence and accessibility, particularly in the digital asset industry.
Holzer & Holzer, LLC is investigating Silvergate Capital Corporation (NYSE:SI) regarding potential compliance with federal securities laws. The inquiry follows the Company’s announcement of Q3 2022 financial results on October 18, 2022, revealing that quarterly earnings fell short of analyst expectations. Additionally, volumes on the Silvergate Exchange Network decreased compared to industry performance. As a result, Silvergate's stock price experienced a decline.
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