Shares of Silvergate Capital Corp fall -30% after failing to disclose financial statements and latest quarterly results. Because the financial status of the company may face problems. The latter has affected the crypto market over the past year. Causing investors to think they may be at risk of falling in line with FTX again
Today, the stock price of Silvergate Capital Corp, one of the leading cryptocurrency banks in the United States, has fallen. More than -30% reduction in after hours trading. on the New York Stock Exchange this morning. After the company announced a postponement of the disclosure of annual results. At the same time, the company also said that The Company is in the process of evaluating whether it can continue its business or not. Due to concerns about the situation in the crypto market. In the past, Silvergate has tried to reduce investor anxiety about the company’s future. After the problem of high losses The loss of up to $ 1 billion in Q4/2022 from the bankruptcy of FTX has greatly affected the confidence of investors in the digital asset industry.
At the same time, Reuters news agency reported that the Washington State Attorney is conducting an investigation into Silver Gate. Including the company’s approach to dealing with the impact of the bankruptcy of FTX and Alameda Research. Three US senators urged Silvergate to explain the details of its approach to risk management. and dealing with the FTX case, which is directly related to Silvergate, and may also be an indicator or determine the future of the company.
Silvergate said the company may not be able to file earnings reports with the Securities and Exchange Commission as scheduled on March 16.