Silvergate Capital Corporation announced a business update in connection with the recently announced bankruptcy filing by Genesis.

Silvergate claimed that the deposit relationship with Genesis was less than $2.5 million as of both December 31, 2022 and January 19, 2023. Genesis is not a custodian for Silvergate’s bitcoin-collateralized SEN Leverage loans and Silvergate has no outstanding loans to nor investments in Genesis.

While this continues to be a turbulent time in the digital asset industry, Silvergate's exposure to Genesis is minimal and customers’ deposits are, and have always been, safely held.