Trending: Silvergate Capital to Shut Down, a Victim of Crypto Downturn

Silvergate Capital Corp. is one of the most mentioned companies in the news over the past six hours, according to Factiva data, after it said it was shutting down. The bank, which caters to companies in the crypto business, said Wednesday that it intends to wind down operations in a process that will include repaying all deposits. The decision comes around a week after the bank stopped operations at Silvergate Exchange Network, which facilitated the movement of dollars in and out of crypto-trading platforms. Silvergate Capital's share price fell from a 52-week high of $162.65 last March to close at $4.91 on Wednesday. Its decline tracked the unraveling of the broader crypto industry. Shares fell a further 44% in after-hours trading after the announcement. Dow Jones & Co. owns Factiva. (jacques.vanwersch@dowjones.com)

(END) Dow Jones Newswires

March 08, 2023 21:40 ET (02:40 GMT)

Silvergate Capital (NYSE:SI)
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