SilvergateCapital reports massive net loss in 2022, amounting to...
Silvergate Capital issued a preliminary earnings report earlier in January 2022. The report highlighted that total deposits from digital asset customers fell to $3.8 billion at the end of December 2022, down from $11.9 billion at the end of September 2022. To maintain liquidity, the company sold $5.2 billion in debt securities at a $718 million loss in the fourth quarter.
The report showed the extent of the impact on the digital asset industry due to the collapse of crypto exchange FTX. For the uninitiated, FTX filed for bankruptcy in November 2022 after failing to cover customer withdrawals. Although Silvergate Capital previously stated that it had no outstanding loans or investments in FTX, its shares have lost over 70% of their value since the latter’s collapse. At press time, Silvergate Capital’s price was trading at $12.9, down from $39.4.“While we are taking decisive actions to navigate the current environment, our mission has not changed. We believe in the digital asset industry.
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