Short-sellers rake in $780 million betting against Silvergate as the crypto-friendly bank closes its doors
Investors betting against Silvergate have made about $780 million in mark-to-market profits since November 2021, when its stock peaked,
The once go-to bank for the crypto industry was hit hard by the digital-asset rout and the fallout of Sam Bankman-Fried-founded FTX's collapse. The stock was down 46% at $2.65 in premarket trading Thursday, having peaked at over $200 during the height of the crypto boom in 2021.
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Silvergate shutting down operations and liquidating bankSilvergate Capital announced on Wednesday that it will wind down operations and liquidate Silvergate Bank.
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Silvergate Capital Corporation will ‘voluntarily liquidate’ Silvergate BankThe company behind Silvergate Bank said it is considering how best to resolve claims and preserve the residual value of its assets.
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Marathon ends its credit facilities with Silvergate, prepays loanThe news comes shortly after Silvergate Capital Corporation announced it was voluntarily liquidating Silvergate Bank.
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Stablecoins Could Benefit From Silvergate's Struggles: ReportThe death of Silvergate's SEN could play a major role in driving stablecoin adoption among crypto traders, according to the study.
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Impact of the Silvergate collapse on crypto — Watch The Market Report liveThe Market Report with Cointelegraph is live! Tune in to watch Cointelegraph’s resident experts discuss the impact of the Silvergate collapse on crypto.
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White House watching Silvergate in crypto falloutWhite House press secretary Karine Jean-Pierre said in her Monday briefing the Biden Administration has its eyes on Silvergate after the California crypto bank delayed its annual report and announced the shuttering of its exchange network last week.
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