Silvergate Capital, the parent company of the collapsed Silvergate Bank, will be delisted from the New York Stock Exchange and 230 of its staff will be let go.

Microstrategy continued to invest in Bitcoin over the previous quarter, as indicated by the company’s financial results on May 1.

On April 19, United States District Judge Jacqueline Scott Corley of the Northern District of California ruled that the three lawsuits would be consolidated. Each accuses Silvergate of helping to facilitate investor fraud by the collapsed crypto exchange FTX.

The banking sector is becoming increasingly wary of the cryptocurrency industry, following the closure of accounts by Silvergate Bank and Signature Bank for crypto-related businesses. The closures have raised concerns about the potential risks and challenges associated with providing banking services to the cryptocurrency industry.

MicroStrategy has increased its total Bitcoins holdings to 138,955 BTC, purchased for $4.1 billion at an average of $29,817 per coin.

MicroStrategy co-founder and former CEO Michael Saylor took to Twitter on March 27 to announce that the firm has repaid its $205 million loan to Silvergate.

Coinbase CEO Brian Armstrong sold Coinbase shares prior to receiving a warning from the Securities and Exchange Commission (SEC)

Major cryptocurrency exchange Kraken is experiencing difficulties with the withdrawal and deposit channel related to the automated clearing house (ACH) via Silvergate.

“As of March 27, 2023, Kraken clients will no longer be able to use ACH deposits and withdrawals through Silvergate,” the company told CoinDesk in an email. “We are working to make ACH funding options available through alternative funding providers as soon as possible and will communicate details with clients as soon as we can.”

As per the latest CNBC report, most of these crypto firms have turned to crypto-friendly Swiss banks while flooding them with requests for banking services. Although digital assets have shown strength amid the banking crisis, the fact remains that crypto firms still need banking partners as a source of liquidity.