Silvergate Capital to liquidate banking unit
Silvergate Capital Corp Class A
$0.92
17:30 02/06/25
Cryptocurrency bank Silvergate's holding company revealed on Thursday that it intends to wind down operations and voluntarily liquidate its banking division.
Silvergate revealed just days ago that it was facing a financial crisis and was yet another victim of the "crypto winter" following the implosion of FTX, which used the bank to transfer customer funds.
"In light of recent industry and regulatory developments, Silvergate believes that an orderly wind down of bank operations and a voluntary liquidation of the bank is the best path forward," said parent company Silvergate Capital Corporation.
"The bank's wind down and liquidation plan includes full repayment of all deposits. The company is also considering how best to resolve claims and preserve the residual value of its assets, including its proprietary technology and tax assets."
As of 0940 GMT, Silvergate shareshad tumbled 42.97% in pre-market trading at $2.80 each.
Reporting by Iain Gilbert at Sharecast.com