Silvergate Posts $1 Billion Loss After FTX Sparked Dramatic Run

Bloomberg2023-01-17

Silvergate Capital Corp. reported a $1 billion loss and said it would offboard some non-core digital-asset customers following a quarter that saw a dramatic draw-down in deposits after the collapse of...

Source Link

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

boomer9595
2023-01-17
boomer9595
Ok

Leave a comment

{"i18n":{"language":"en_US"},"isChannel":false,"data":{"share":"https://ttm.financial/m/news/2304517216?lang=en_US&edition=fundamental","thumbnail":"","is_english":true,"pubTime":"2023-01-17 21:32","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"2304517216","market":"us","top_or_hot":-1,"title":"Silvergate Posts $1 Billion Loss After FTX Sparked Dramatic Run","media":"Bloomberg","content":"<div>\n<p>Silvergate Capital Corp. reported a $1 billion loss and said it would offboard some non-core digital-asset customers following a quarter that saw a dramatic draw-down in deposits after the collapse of...</p>\n\n<a href=\"https://www.bloomberg.com/news/articles/2023-01-17/silvergate-posts-1-billion-loss-after-ftx-sparked-dramatic-run?srnd=premium\">Source Link</a>\n\n</div>\n","source":"lsy1584095487587","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Silvergate Posts $1 Billion Loss After FTX Sparked Dramatic Run</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nSilvergate Posts $1 Billion Loss After FTX Sparked Dramatic Run\n</h2>\n\n<h4 class=\"meta\">\n\n\n2023-01-17 21:32 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.bloomberg.com/news/articles/2023-01-17/silvergate-posts-1-billion-loss-after-ftx-sparked-dramatic-run?srnd=premium><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Silvergate Capital Corp. reported a $1 billion loss and said it would offboard some non-core digital-asset customers following a quarter that saw a dramatic draw-down in deposits after the collapse of...</p>\n\n<a href=\"https://www.bloomberg.com/news/articles/2023-01-17/silvergate-posts-1-billion-loss-after-ftx-sparked-dramatic-run?srnd=premium\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK4211","symbol_name":"区域性银行","start_time":0,"source_url":"https://www.bloomberg.com/news/articles/2023-01-17/silvergate-posts-1-billion-loss-after-ftx-sparked-dramatic-run?srnd=premium","article_id":"2304517216","we_media_id":null,"thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2304517216","pubTimestamp":1673962362,"sourceInfo":{"source_id":"lsy1584095487587","name":"Bloomberg"},"weMediaInfo":null,"summary":"Silvergate Capital Corp. reported a $1 billion loss and said it would offboard some non-core digital","collect":0,"end_time":0,"defaultTopTitle":"bloomberg.com","property":["earning"],"viewcount":null,"language":"en","relate_stocks":{"BK4211":"区域性银行"},"translate_title":"FTX引发戏剧性的挤兑后，Silvergate公布亏损10亿美元","themeId":"768868217a8a42b8834d60b34fc824ad","isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"SI":0.9},"content_text":"Silvergate Capital Corp. reported a $1 billion loss and said it would offboard some non-core digital-asset customers following a quarter that saw a dramatic draw-down in deposits after the collapse of Sam Bankman-Fried’s FTX.The La Jolla, California-based bank said the losses stemmed mainly from asset sales it was forced to make following the unraveling of the crypto exchange. Silvergate also said it will eliminate a portion of its digital-asset product portfolio and assess its pipeline of prospective digital-asset customers.“While we are taking decisive actions to navigate the current environment, our mission has not changed,” Chief Executive Officer Alan Lane said in a statement Tuesday. “We believe in the digital asset industry, and we remain focused on providing value-added services for our core institutional customers.”Total average deposits for digital-asset customers were $7.3 billion as of Dec. 31, compared to an average of $12 billion in the preceding quarter, according to the statement.The collapse of FTX sparked a crisis for Silvergate, which held deposits for FTX units and Alameda Research, the trading firm at the heart of the crypto exchange’s downfall. The bank earlier this month said it would fire 40% of its staff after customers withdrew about $8.1 billion of digital-asset deposits in the last three months of 2022, forcing it to sell securities and related derivatives at a loss.On Tuesday, Silvergate said the sales resulted in a loss of $751.4 million in the quarter, greater than what the bank reported in its preliminary results earlier this month. It also recorded a $134.5 million impairment charge tied to about $1.7 billion of securities it expects to sell in the first quarter of 2023 to reduce borrowings.Silvergate shares rose 3.8% in early trading in New York. The company’s stock has dipped 91% since the end of 2021.","kind":null,"is_publish_news":null,"is_publish_highlight":null,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"symbols":[],"gpt_button":1},"commentList":[{"id":9956886486,"gmtCreate":1673964363445,"gmtModify":1676538909252,"author":{"id":"3572356875693179","authorId":"3572356875693179","name":"boomer9595","avatar":"https://static.tigerbbs.com/a1c28a016b3392fde65eec18f24c3012","vip":1,"hat":"https://static.tigerbbs.com/f84d87792f02cf78e80ee34979fd31e5","crmLevel":6,"crmLevelSwitch":1},"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9956886486","repostId":2304517216,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"}],"isCommentEnd":false,"newsSizeData":{"likeSize":26,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.22.4","shortVersion":"4.22.4","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2304517216"}