- Silvergate, the San Diego-based regional lender that transformed itself into a go-to bank for the crypto industry, plans to wind down operations in the face of turmoil in digital currency markets.
- Its stock dropped more than 30% in after-hours trading to $3 a share.
- In the past few months customers have withdrawn more than $8bn, forcing the bank to sell held-to-maturity assets and accruing losses of $718mn.
- Silvergate has hired Centerview Partners and Cravath, Swaine & Moore as advisers to assist in winding down its operations.
Crypto bank Silvergate to shut down in face of market turmoil
Shares plunge after lender whose fortunes tumbled since collapse of FTX announces liquidation
Stephen Gandel
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