MicroStrategy has denied any meaningful exposure to Silvergate as crypto firms who banked with the crypto bank are rushing for the exits amid concerns about its financial condition. 

A crypto fund manager overseeing $400 million is looking to Swiss banks to help plug the gap created by the unraveling of a key payments network operated by ailing US lender Silvergate Capital Corp.

Bitcoin (BTC) wobbled a bit early Thursday as crypto-friendly bank Silvergate Capital (SI) shed more than 50% of its value on worries it may not survive, but turned upward in afternoon trading and is now higher by 0.4% over the past 24 hours at $23,500.

Crypto exchange Coinbase (COIN) has switched to Signature Bank (SBNY) to facilitate its service for Prime account holders to Signature Bank.

Silvergate Capital Corporation, the parent company of Silvergate Bank, delayed its annual 10-K report filing with the U.S. Securities and Exchange Commission on Wednesday, telling the agency it “needs additional time” to allow an independent accounting firm to complete certain audit procedures.

Silvergate Capital, the parent company to the crypto bank Silvergate, has announced it will be suspending Series A preferred stock dividends as it hopes to restructure following heavy loses and FUD surroundings its exposure to several now defunct crypto entities. 

Disgraced FTX founder Sam Bankman-Fried held just under $50 million in an account with a little known bank located in rural Washington state, according to a court filing published Friday.

Silvergate Capital (SI), the crypto-focussed bank, reported net loss attributable to shareholders of $1 billion for the three months-ended Dec. 31, 2022.

Crypto banking group Silvergate Capital further cooled its stablecoin ambitions last week, slashing the value of assets that it purchased from a defunct Facebook crypto project. Silvergate disclosed that it took a $196 million impairment charge during its final fiscal quarter last year, writing down the value of intellectual property and technology it acquired from Diem Group early last year. The revised figure represents a 98% loss compared to the $200 million it paid for the assets. Silvergate had planned to launch a stablecoin using the assets last year, announcing plans to do so in its third fiscal quarter of 2021. (decrypt)

Silvergate Capital announced it will cut 40% of its workforce — about 200 employees — “in order to account for the economic realities facing the business and industry today”.