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• Silvergate Capital Corp (NYSE: SI) saw its stock drop nearly in half after delaying the submission of its annual 10-K report.
• JPMorgan downgraded Silvergate stock to underweight citing liquidity challenges, and Canaccord Genuity also downgraded the stock and trimmed their price target o $9.0 a share.
• Coinbase announced that it had stopped payments to or from the crypto bank.
Silvergate Stock Crashes 50%: What Happened?
Silvergate Capital Corp (NYSE: SI) saw its stock drop nearly in half this morning after delaying the submission of its annual 10-K report. JPMorgan downgraded Silvergate stock to underweight citing liquidity challenges, and Canaccord Genuity also downgraded the stock and trimmed their price target o $9.0 a share. Coinbase announced that it had stopped payments to or from the crypto bank.
What Silvergate Said In Its SEC Filing
On Tuesday, Silvergate said in a filing with the U.S. Securities and Exchange Commission (SEC): The Company is evaluating its ability to continue as a going concern [and] is in the process of reevaluating its businesses and strategies in light of the business and regulatory challenges it currently faces. The lender also confirmed that it had to offload more assets than expected over the past two months, which could weigh on its capital ratio.
JPMorgan Downgrades To Underweight
JPMorgan analyst Steven Alexopoulos downgraded Silvergate stock today citing continued liquidity challenges: “In the backdrop of challenged environment, short-sellers appear to have contributed to a bank-run of sorts with Silvergate reporting a much greater level of deposit outflows than anticipated in Q4 and this likely continuing” In its latest reported quarter, Silvergate Capital had $1 billion loss reported by analysts at Canaccord Genuity on Thursday as well.
Coinbase Stops Payments To/From Crypto Bank
Coinbase also announced today that it had stopped payments to or from
