Silvergate Exodus Worsens After Bank Questions Its Own Survival
- Coinbase, Galaxy Digital and Paxos cut ties, and shares slump
- Company said it’s evaluating its ability to remain viable
Silvergate headquarters in La Jolla, California.
Photographer: Ariana Drehsler/BloombergThis article is for subscribers only.
Silvergate Capital Corp.’s woes deepened on Thursday, a day after the bank raised questions about whether it can stay in business, with the shares plummeting to a record low and key partners cutting off ties to the crypto-friendly bank.
The bank set off alarms with a filing Wednesday that said losses might leave Silvergate with less capital than it needs, and that it’s evaluating its ability to continue as a going concern.