In an SEC filing last night, Silvergate Capital said it would be unable to file its annual report by the delayed date of March 16. Despite forewarning of a loss at the bank subsidiary of $948 million for 2022, it said there had been additional events after the year’s end, so the company is evaluating “its ability to continue as a going concern” through to the end of 2023. Its stock price sank more than 45% in pre-trading to $7.42.
Update: Coinbase stops using Silvergate for payments
Last week, we noted two joint warnings by the Federal Reserve, FDIC and OCC about crypto risks for banks. After the first warning, Silvergate revealed its near billion-dollar loss. The second warning was a week ago.
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